FFN.PR.A Releases Semi-Annual Report

Financial 15 Split Corp. II has released its semi-annual statements to May 31, 2010.

Dividend receipts declined to about $1.3-million in 1H10 from about $2.1-million in 1H09, while expenses rose to $461,000 from $390,000 due to higher valuations and a small expense for Service Fees. Accordingly, Income Coverage for the Preferred Shares dropped to 0.6-:1 in 1H10 from 1.0+:1 in 1H09.

FFN.PR.A was last mentioned on PrefBlog when the Capital Unit Distribution was suspended in June (hah! No Service Fees to pay this quarter!). FFN.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.

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