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

<< Previous

Bullboard Posts

Next >>

Comment by AnEducatoron Oct 03, 2023 9:09pm

203 Views

Post# 35668161

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

That would be the unit NAV.

The high dividend alloted to the preferreds will definitely have a deleterious effect on the NAV over time, but given the significant correction we've experienced, there's good reason to believe we could get enough of a recovery to allow for a significant enough premium to allow Quadravest to utilize their At-The-Market selling program. This would actually help enhance the NAV, however marginally, given that the sales are conducted at a premium.

Anyone having strong conviction that the financials are headed higher should have few reservations buying here given the discount.