{"id":30174,"date":"2015-08-17T01:28:57","date_gmt":"2015-08-17T06:28:57","guid":{"rendered":"http:\/\/prefblog.com\/?p=30174"},"modified":"2015-08-17T01:28:57","modified_gmt":"2015-08-17T06:28:57","slug":"ftn-pr-a-semi-annual-report-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30174","title":{"rendered":"FTN.PR.A Semi-Annual Report 2015"},"content":{"rendered":"<p>Financial 15 Split Corp has released its <a href=\"http:\/\/media.wix.com\/ugd\/78f11d_b14c9200dc1a4dfe99838d810a44cfed.pdf\">Semi-Annual Report to May 31, 2015<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: 1.25% of the whole unit value, &#8220;presented to reflect the normal operating expenses of the Company<br \/>\nexcluding 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 $259.1-million, compared to $287.3-million on May 31, so call it an average of $273.2-million.  Preferred share dividends of $4,336,167 were paid over the half year at 0.525 p.a., implying average units outstanding 16.52-million, at an average NAVPU of (17.39 + 17.77)\/2 = 17.58, implies $290.4-million. Say the Average Net Assets are the average of the two estimates, $281.8-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $4,007,070 divided by average net assets of $281.8-million, multiplied by two because it&#8217;s semiannual is 2.84%.<\/p>\n<p>Income Coverage: Net investment income of $2,047,004 (before capital gains) divided by preferred share dividends of $4,336,167 is a very low 47%.<\/p>\n<p>The Income Coverage is significantly higher than the <a href=\"http:\/\/prefblog.com\/?p=28284\">calculation performed from the 2014 Annual Report<\/a> of 33%. There was a <a href=\"http:\/\/prefblog.com\/?p=26559\">secondary offering in 14H2<\/a> and <a href=\"http:\/\/prefblog.com\/?p=26957\">another one in 15H1<\/a>, so it&#8217;s fairly difficult to derive precise numbers from the financial statements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial 15 Split Corp has released its Semi-Annual Report to May 31, 2015. Figures of interest are: MER: 1.25% 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-30174","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30174","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=30174"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30174\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}