North American Financial 15 Split Corp T.FFN

RE:RE:Don't sell FFN, buy more.

[mouserman]

Higherhopes2020 wrote: Special Retraction Right which will allow existing shareholders to tender one or both classes of Shares and receive a retraction price based on the November 29, 2024 net asset value per unit.

Yes, it makes sense "Don't sell FFN, buy more" FFN at market price.  Quadrawest knows how many FFN shares are under retraction, as of november 1st.  They might be buying back the shares at the market until Nov 29th and bring up the market price close to NAV.  This way they do not have to pay as much at retraction (NAV minus Market price) and thy do not have to consolidate much of the FFN equity shares either.
Even it make sense to buy back FFN at present price for those who have tenderd for retraction.
Does it make sense?

Note: If FFN moves towards the NAV, FTN might do the same.

They can only buy so many in a 30 day period. If they were buying back shares , the share count  would NOT have jumped up so much during  the past few months. Certainly appears the ATM selling shares  from the treasury program  was much more active than the NCIB.

Toronto, Ontario – May 27, 2024 / Globe NewsWire: North American Financial 15 Split Corp. (the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention to make a Normal Course Issuer Bid (the “NCIB”) to purchase its Preferred Shares and Class A Shares through the facilities of the TSX and/or alternative Canadian trading systems. The NCIB will commence on May 29, 2024 and terminate on May 28, 2025.

Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it is considered advisable, up to 5,327,599 Preferred Shares and 5,256,760 Class A Shares of the Company, representing 10% of the public float of 53,275,992 Preferred Shares and 52,567,602 Class A Shares. As of May 15, 2024, there were 53,276,492 Preferred Shares and 52,639,792 Class A Shares issued and outstanding. The Company will not purchase, in any given 30-day period, in the aggregate, more than 1,065,529 Preferred Shares or more than 1,052,795 Class A Shares, being 2% of the issued and outstanding Preferred Shares and Class A Shares as of May 15, 2024. Under the previous normal course issuer bid that commenced on May 29, 2023 and will terminate on May 28, 2024, 230,600 Preferred Shares and 334,600 Class A Shares were purchased.

The Board of Directors of the Company, on the advice of Quadravest Capital Management Inc., the Company’s investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled.