Quadravest has announced:
North American Financial 15 Split Corp. (the “Company”) is pleased to announce that the minimum annual dividend rate for the Preferred Shares will increase to 7.00% from 5.5% for the new five year term effective December 1, 2024. The payment rate that may be reset annually, subject to the five year minimum, will be set at 8.75% (previously 9.50%) per annum effective December 1, 2024 based on the $10.00 repayment value. The Preferred shareholders have received a total of $11.38 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.11335 per month, or $1.36 per annum.
As previously announced on March 12, 2024 the Company will extend the termination date of the Company a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to
hold their shares.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Notice of extension was provided last March.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:58 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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FFN.PR.A Boosts Minimum, Cuts Current Dividend On Extension
Quadravest has announced:
Notice of extension was provided last March.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:58 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.