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 > Prefered Share Rate Reduction

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Comment by WattDoINoon Nov 14, 2024 11:44am

131 Views

Post# 36312885

RE:Prefered Share Rate Reduction

The market doesn't seem to be worried.

Since the anouncement Sept 18, the FTN.pr.a share price increased from $10.39 to $10.58. While FFN.pr.a went from $10.23 to $10.61.

My concern, if any, and if warranted, is that for the FFN.pr.a may be partially reverse split like in 2019 (1: 1.13) to align the # of commons shares and # of preffred shares after having paid market NAV on Nove 1st (i.e $10.39) to the preffered holders that retractied.

The FTN fund doesn't have to aligment and retract ttil next year.

Happy trails !

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