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Bullboard - Stock Discussion Forum
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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Bullboard (TSX:FFN)
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(80)
•••
canon12345
X
Post by
canon12345
on Dec 02, 2024 5:55am
Interested
Very Interested too see how quadravest handles the situation as it does appear that a forced preferred retraction would have been announced already if that was their method of balancing the common
...more
(53)
•••
Inglewood
X
Comment by
Inglewood
on Dec 01, 2024 11:39pm
RE:DON'T PANIC
Thank you navgod, truly appreciate you sharing.
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(190)
•••
maxjac
X
Comment by
maxjac
on Dec 01, 2024 7:54pm
RE:DON'T PANIC
Thanks for your insights @navgod. Hope y'all had a good weekend :-) Looking forward to seeing how this all pans out!
(91)
•••
navgod
X
Comment by
navgod
on Dec 01, 2024 4:15pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:Retraction
you obviously don't know what you are taking about --- please sit down before you embarrass any further
(91)
•••
navgod
X
Comment by
navgod
on Dec 01, 2024 4:08pm
RE:RE:RE:RE:RE:RE:RE:RE:Retraction
There is nothing in common with LCS plus as far as I can see a forced redemption is off the board.
(34)
•••
elonmuskrat247
X
Comment by
elonmuskrat247
on Dec 01, 2024 4:07pm
RE:RE:RE:RE:RE:RE:RE:RE:Retraction
Further to the point, I see that the preferred share rate was reduced by 0.75 %, so that should reduce the payout pressure due to the increased split class A share count distribution.
(34)
•••
elonmuskrat247
X
Comment by
elonmuskrat247
on Dec 01, 2024 2:48pm
RE:RE:RE:RE:RE:RE:RE:Retraction
Most likely if the number of class A shares remaining after redemption is much less than the number of preferred shares, the class A will be split to make more shares, and if necessary the preferred
...more
(236)
•••
NoShoesNoShirt
X
Comment by
NoShoesNoShirt
on Dec 01, 2024 2:14pm
RE:RE:RE:RE:RE:RE:Retraction
Is it possible that quadravest could rebalance the preferreds vs. class A by doing a split of the preferreds instead of a consolidation of class A?
(91)
•••
navgod
X
Comment by
navgod
on Dec 01, 2024 9:52am
RE:RE:RE:RE:RE:Retraction
Update on the previous post: According to the Annual Information Report Quadravest would give notice to FFN.pr.a holders the week before the retraction date (Nov.29) of any prorata redemption of the
...more
(91)
•••
navgod
X
Comment by
navgod
on Dec 01, 2024 8:30am
RE:RE:RE:RE:Retraction
Just a comment on the "forced retraction" or as Quadravest describes it Special Redemption Right. If indeed they go this route with the prefs trading at a 55 cent premium a 25% retraction
...more
(91)
•••
navgod
X
Post by
navgod
on Dec 01, 2024 6:26am
DON'T PANIC
To Inglewood and any other readers please do not panic. The odds that several of the Quadravest funds will suffer a severe retraction are very low. If it were to happen, especially to FFN and DFN, the
...more
(80)
•••
canon12345
X
Comment by
canon12345
on Dec 01, 2024 6:24am
RE:RE:RE:Retraction
Thanks navgod, the special retraction should be at 100% of NAV less $10, I think the preferreds will see a forced retraction at $10 on a prorated basis unless the redemption is small and quadravest
...more
(91)
•••
navgod
X
Comment by
navgod
on Dec 01, 2024 5:08am
RE:RE:Retraction
Please review the terms of the REOCURRING SPECIAL RETRACTION RIGHT which occurs every extension ie every 5 years. This info is available in the Annual Information Report under the Term and
...more
(408)
•••
CDNINV1
X
Comment by
CDNINV1
on Dec 01, 2024 3:40am
RE:Retraction
I didn't submit any shares but I calculated a Closing Nov 29th Nav after Dist of $ approx $18.25. If you submitted a Unit ( 1 Class A & 1 Preferred) you will receive between $18.25 and $18
...more
(236)
•••
NoShoesNoShirt
X
Comment by
NoShoesNoShirt
on Nov 30, 2024 9:41pm
RE:RE:RE:RE:Retraction
I have no doubt that quadravest will be OK. But class A shareholders might get whacked. Preferreds will be fine, always worth 10.
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