Financial 15 Split Corp T.FTN

Alternate Symbol(s): T.FTN.PR.A | FNNCF

Financial 15 Split Corp. is a mutual fund, which invests in a portfolio consisting of over 15 financial services companies. The Company offers two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to Preferred Shares are to provide holders of Preferred Shares with cumulative preferential monthly cash dividends in an amount of over 6.75% annually and to pay the holders of the Preferred Shares approximately $10 per Preferred Share on or about the termination date. Its investment objectives with respect to Class A Shares are to provide holders of Class A Shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company over $15 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The Company’s investment manager is Quadravest Capital Management Inc.

TSX:FTN - Post by User

Financial 15 Split Corp > Quadravest updates FTN UNIT NAV @ $16.13 after dist

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Comment by mtlolyon Oct 03, 2023 8:28pm

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Post# 35668116

RE:Quadravest updates FTN UNIT NAV @ $16.13 after dist

The issue is that at a commons value of $15.72, a loss of 72 cents (or only 4.6%) puts FTN underwater. And considering the pref shares will continue to get paid out even if the commons go under, it just means the hole the commons will have to pull themselves out of to start paying dividends again will only get deeper and deeper. Even if the market was to simply HOLD this level, the commons divvy would dry up in ... 4 months?

There's really no margin for error here.

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