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

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Post by WattDoINoon Nov 02, 2024 6:53am

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Post# 36293431

North American Financial 15 special retraction right

The Toronto Stock Exchange reports that North American Financial 15 Split Corp.'s board of directors has approved an extension of the maturity date of the Class A shares and preferred shares of the fund for an additional five-year term to Dec. 1, 2029. According to the TSX, holders of Class A shares and preferred shares of the fund can elect to have their shares retracted for a cash amount equal to:

Class A shares: the greater of (i) the net asset value per unit (means a notional unit consisting of one Class A share and one preferred share) on the date of retraction minus the sum of $10, plus any accrued and unpaid distributions on the preferred shares, and (ii) nil;
Preferred shares: the lesser of (i) $10, plus any accrued and unpaid distributions thereon, and (ii) the net asset value of the fund on that date divided by the total number of preferred shares then outstanding.

The election deadline is 5 p.m. Toronto time on Nov. 1, 2024. Trades from 9:30 a.m. Toronto time to 12 p.m. Toronto time on Nov. 1, 2024, will settle for cash on the same day.

As the Class A shares and preferred shares of the fund were issued in book-entry-only form, CDS Clearing and Depository Services Inc. is the only registered holder of Class A shares and preferred shares. Holders should contact their broker, dealer, bank trust company or other nominee as soon as possible to confirm their deadline and for instructions on how to exercise the special retraction right, if they desire to do so. Holders who do not elect to exercise their special retraction right prior to the deadline set by their broker, dealer, bank, trust company or other nominee will retain their investment in the fund.

The TSX notes that in order to maintain the same number of Class A shares and preferred shares outstanding, the fund may redeem the Class A shares or preferred shares on a pro rata basis to the extent that more preferred shares than Class A shares or more Class A shares than preferred shares, as the case may be, are retracted under the special retraction right. The TSX will issue a further bulletin if the fund will redeem Class A shares or preferred shares, as the case may be.

For more information, see the fund's news releases dated March 12, 2024, and Sept. 18, 2024.