FIG.PR.A Adjusts Year-End NAVs

Faircourt has announced:

a correction to the Net Asset Values (“NAV’s”) for the Fund for the period from December 23rd, 2008 to January 5th, 2009. The revision was required as a year-end special capital gains distribution declared by one of the Fund’s holdings was not reflected in the NAV during this period due to the late notification of the dividend to RBC Dexia Investor Services, the Fund’s valuation agent by its market and pricing feeds.

This correction only impacts the NAV of the Fund for the period from December 23rd to January 5th and does not impact the current NAV.

They get two bonus marks for disclosure, minus one for not telling us who’s to blame and minus another one for apostrophizing “NAVs”. Break-even.

The NAVs in question are from December and January:

FIG Capital Unit NAVs
Date Old
Dec 23 0.08 0.30
Dec 24 0.14 0.37
Dec 29 1.12 1.34
Dec 30 1.31 1.54
Dec 31 1.73 1.96
Jan 2 2.37 2.59
Jan 5 2.49 2.71

The NAV of the Capital Units is $1.08 as of February 17.

FIG.PR.A was last mentioned on PrefBlog when it was downgraded to Pfd-5 in the DBRS Mass Downgrade of February 13. It is currently tracked by HIMIPref™ as part of the InterestBearing subIndex, but will (almost certainly) be moved to Scraps at month-end on credit concerns.

One Response to “FIG.PR.A Adjusts Year-End NAVs”

  1. […] distribution in 2008 was 1.4-:1; asset coverage at year-end was originally reported as 1.1-:1, and adjusted later. Assuming there have been no changes in outstanding shares, asset coverage (from the NAV provided) […]

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