North American Financial 15 Split Corp T.FFN

FFN Retraction, Redemption, and DD

[navgod]

Holders of FFN and FFN.pr.a who have not submitted to the special retraction should go to the Quadravest website and pull up the most recent Annual Information Report under Documents for FFN. Under the section titled Term and Termination of the Company go to the subsections --  Recurring Special Retraction Right,  Special Redemption Right, and Subdivision or Consolidation of the Preferred Shares or the Class A Shares. These sections detail possible action Quadravest might take if a significant retraction of Class A takes place. At this point only Quadravest management knows the extent of the retraction and their plan to deal with it. However if the Quadravest was going to exercise it's Special Redemption Right holders of FFN.pr.a should have received notification of a pro-rata redempton by now. Maybe Mouserman is right and there is only a small percentage retracted and this turns out to be a "nothing burger" or not.

[Inglewood]

Thank you, Navgod. Really appreciate you for alerting us and explaining how NAV can be affected by a consolidation or a split. I honestly did not understand this prior to reading your post and would have been caught blindsided by whatever is going to occur.  Following your comments, I sold all of my FFN and LFE, which were the #1 and #3 holdings in my portfolio, and moved all my money into

[azzurri]

The discount on the class A shares is approaching a $1 again. Personally, I would be in favour of a forward split in the class A's following retraction as a means of rebalancing the shares of both classes. Please correct me if I'm wrong, but wouldn't that result in current holders of class A shares with more shares in their accounts and thus more shares earning dividends? Or, would

[elonmuskrat247]

Retracted shares can also be recirculated as per the September 2004 agreement. So, the retracted shares may be bought and resold by National bank and CIBC thus negating the need for consolidation or subdivision of shares, if there are buyers of said shares. We will see in December how this all shakes out.

[Inglewood]

Yet another thing I did not know... my fault for not closely reading the prospectus and other related documents. 

[NoShoesNoShirt]

This is the best news on FFN lately. Navgod,  mouserman,  flamingogold, anyone else, can you confirm this possibility?  If everyone is chickening out and I can buy this cheap, wow!

[navgod]

Don't get too excited just yet - my understanding is that shares will only be recirculated if they can be sold for more than the retraction NAV value during the first two weeks of Dec ie before the retraction payment is made. This would require the market price to close the discount and/or the NAV to increase in early Dec. Given the current discount to NAV I believe this to be unlikely but not