Dividend 15 Split Corp T.DFN

Unbelievable! NAV as of July 14 was $14.99

[AnEducator]

So Quadravest used the July 13th NAV of $15.01 instead of the July 14th NAV of $14.99. You can see it on their Fund Features page with an asterisk at the bottom. 

This is an occurence, I'm sure, none of us have ever seen before. Next time, they may use the 10th of the month, who knows? It's a whole new ballgame and our decisions have suddenly become much more complicated.

[AnEducator]

Actually, we have seen them use the 13th of the month in determining dividends, but only when it landed on a Friday. This appears to be an innovation, although I stand to be corrected.

[mouserman]

Yes Quadravest does whatever it takes to make DFN look good , as it is their biggest fund . However  that decision cost them $400,000 more than it should have, as there are 4 million more commons shares than preferreds. IF the count was equal the payout would be 4 million x 10 cents = 400,000 $ LOWER !!!!  Wonder how long DFN will continue to make dsitributions. 

[navgod]

As a holder of FFN.pr.a this also pisses me off.However with only a small short in DFN it may give me a shot to add to the position so all to the good I guess but I feel Quadravest does too much of making it up as they go. GLTA

[navgod]

Sorry meant to say DFN.pr.a as a holder btw I also own FFN.pr.a

[nadomow776]

not really they would have raised the money at a significant premium to the NAV of the cap share making it accretive to the overall NAV

[PatFromGrove]

Quadravest could use the closing NAV on the 17th or the 18th which could easily be $15.01 or higher. They have done that before. Stating that the closing on the 13th was $15.01 is unusual. Although it could indicate dividend will be paid but until the announcement at 9 am tomorrow, we won't know for sure. 4

[Intellectual]

A dividend announcement was already made this morning. The $15.01 NAV on the 13th was used in making the determination. The opportunity was too good to pass up.

[Mmb060]

Fund features page shows July 18th.. Yes, $15.01

[PatFromGrove]

Bingo!

[AnEducator]

Yes, very interesting that they revised the date! The dividend was announced yesterday morning, obviously before the closing NAV could be determined. Moreover, Quadravest initially stated the July 13th NAV but conveniently changed that to July 18th after the positive close yesterday.