PrefBlog

Missed this when it came out … on August 19, Financial 15 Split II announced:

its regular monthly distribution of $0.10 for each Class A share ($1.20 annually) and $0.04375 for each Preferred share ($0.525 annually). Distributions are payable September 10, 2009 to shareholders on record as at August 31, 2009.

as opposed to its July announcement:

regular monthly distribution of $0.04375 for each Preferred share ($0.525 annually). Distributions are payable August 10, 2009 to shareholders on record as at July 31, 2009. There will not be a distribution paid to Financial 15 II Class A Shares for July 31, 2009 as per the Prospectus which states no regular monthly dividends or other distributions will be paid on the Class A Shares in any month as long as the net asset value per unit is equal to or less than $15.00. The net asset value as of July 15, 2009 was $14.71.

FFN.PR.A was last mentioned on PrefBlog when it was upgraded to Pfd-4(high) by DBRS. In the first half of 2009, its income coverage was 1.0+:1. The Capital Unit divided was suspended in November 2008.

FFN.PR.A is tracked by HIMIPref™, but has been relegated to the “Scraps” index on credit concerns.

This entry was posted on Saturday, September 12th, 2009 at 3:01 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.