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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.


TSX:FFN - Post by User

North American Financial 15 Split Corp > Appears FFN preferreds may go a little lower in December
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Comment by Markypon Sep 18, 2024 5:36pm
100 Views
Post# 36229920

RE:Appears FFN preferreds may go a little lower in December

RE:Appears FFN preferreds may go a little lower in December

I was confused by the news is it going up or down?
Ithe minumum is going up? But the amount is going down? If it's going down why would they be pleased?


Toronto, Ontario – September 18, 2024 / Globe NewsWire: North American Financial 15 Split Corp. (the “Company”) is pleased to announce that the minimum annual dividend rate for the Preferred Shares will increase to 7.00% from 5.5% for the new five year term effective December 1, 2024. The payment rate that may be reset annually, subject to the five year minimum, will be set at 8.75% (previously 9.50%) per annum effective December 1, 2024 based on the $10.00 repayment value. The Preferred shareholders have received a total of $11.38 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.11335 per month, or $1.36 per annum.

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