North American Financial 15 Split Corp T.FFN

Alternate Symbol(s): FNCSF

North American Financial 15 Split Corp. is a Canada-based mutual fund corporation, which invests in a portfolio of over 15 financial services companies. It 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 the amount of over 5.5% annually and to pay the holders of the preferred shares a certain price 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 for a specific price per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying a specific price per preferred share. Its investment manager is Quadravest Capital Management Inc.

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North American Financial 15 Split Corp > NAV February 28

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Post by AnEducatoron Feb 28, 2024 4:36pm

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Post# 35904907

NAV February 28

~$15.13. Discount on capital shares: ~$0.25. We have ~0.85% cushion above the payment threshold.

For those of you worried about an extension, I believe the chances of Quadravest not extending this fund for another five years is virtually zero. The more relevant question is the dividend rate they intend to pay on both the preferred shares and the capital shares. Now that announcement will be very interesting indeed.

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