{"id":26039,"date":"2014-08-10T22:43:27","date_gmt":"2014-08-11T03:43:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=26039"},"modified":"2014-08-10T22:43:27","modified_gmt":"2014-08-11T03:43:27","slug":"ftn-pr-a-semi-annual-report-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26039","title":{"rendered":"FTN.PR.A Semi-Annual Report 2014"},"content":{"rendered":"<p>Financial 15 Split Corp has released its <a href=\"http:\/\/financial15.com\/pdf\/FTN\/FTN_semi14_14.pdf\">Semi-Annual Report to May 31, 2014<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: 1.60% of the whole unit value, &#8220;presented to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.&#8221;<\/p>\n<p>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&#8217;s reasonably good agreement! Say the Average Net Assets are $194.7-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $2,687,593 divided by average net assets of $194.7-million, multiplied by two because it&#8217;s semiannual is 2.76%.<\/p>\n<p>Income Coverage: Net investment income of $1,015,649 divided by preferred share dividends of $3,219,876 is a very low 32%.<\/p>\n<p>The Income Coverage is substantially lower than the <a href=\"http:\/\/prefblog.com\/?p=25572\">calculation performed from the 2013 Annual Report<\/a>. This may be related to their <a href=\"http:\/\/financial15.com\/pdf\/FTN\/FTN%20Jan24.14-OfferingCloseFinal.pdf\">issuance of $34.5-million in units last January<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, &#8220;presented to reflect the normal operating expenses of the Company excluding &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-26039","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26039"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26039\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}