Financial 15 Split Corp has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.60% of the whole unit value, “presented to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $185.2-million, compared to $209.3-million on May 31, so call it an average of $197.2-million. Preferred share dividends of $3,219,876 were paid over the half year at 0.525 p.a., implying average units outstanding of 12.27-million, at an average NAVPU of about $15.75, implies $193.2-million. That’s reasonably good agreement! Say the Average Net Assets are $194.7-million.
Underlying Portfolio Yield: Income received of $2,687,593 divided by average net assets of $194.7-million, multiplied by two because it’s semiannual is 2.76%.
Income Coverage: Net investment income of $1,015,649 divided by preferred share dividends of $3,219,876 is a very low 32%.
The Income Coverage is substantially lower than the calculation performed from the 2013 Annual Report. This may be related to their issuance of $34.5-million in units last January.
This entry was posted on Sunday, August 10th, 2014 at 10:43 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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FTN.PR.A Semi-Annual Report 2014
Financial 15 Split Corp has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.60% of the whole unit value, “presented to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $185.2-million, compared to $209.3-million on May 31, so call it an average of $197.2-million. Preferred share dividends of $3,219,876 were paid over the half year at 0.525 p.a., implying average units outstanding of 12.27-million, at an average NAVPU of about $15.75, implies $193.2-million. That’s reasonably good agreement! Say the Average Net Assets are $194.7-million.
Underlying Portfolio Yield: Income received of $2,687,593 divided by average net assets of $194.7-million, multiplied by two because it’s semiannual is 2.76%.
Income Coverage: Net investment income of $1,015,649 divided by preferred share dividends of $3,219,876 is a very low 32%.
The Income Coverage is substantially lower than the calculation performed from the 2013 Annual Report. This may be related to their issuance of $34.5-million in units last January.
This entry was posted on Sunday, August 10th, 2014 at 10:43 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.