{"id":895,"date":"2007-06-05T13:18:38","date_gmt":"2007-06-05T17:18:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=895"},"modified":"2007-06-05T13:18:38","modified_gmt":"2007-06-05T17:18:38","slug":"dfnpra-re-opening-closes","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=895","title":{"rendered":"DFN.PR.A Re-opening Closes"},"content":{"rendered":"<p>Dividend 15 Split Corp. <a href=\"http:\/\/www.dividend15.com\/pdf\/DFN.PR.A%20May30.07%20Offer.pdf\">has announced<\/a> that it:<\/p>\n<blockquote><p>has completed its Offering of 841,476 Preferred Shares at $10.35 per share for aggregate gross proceeds of $8,709,276. The Preferred Shares will begin trading on the Toronto Stock Exchange on June 6, 2007 under the symbol DFN.PR.A.<\/p><\/blockquote>\n<p>In a <a href=\"http:\/\/www.dividend15.com\/pdf\/DFN%20May24.07%20SPECIAL.pdf\">related news release<\/a> regarding the stock dividend that triggered the issue, the company stated:<\/p>\n<blockquote><p>special capital gains cash dividend of $0.50 per Class A share and a special capital gains stock dividend of $1.75 per Class A share. The dividends on the Class A share are payable June 6, 2007 to shareholders on record as of June 4, 2007.<br \/>\n<strong>&#8230;<\/strong><br \/>\nThe Class A share reinvestment price will be $19.55 per share.<\/p><\/blockquote>\n<p>I <a href=\"http:\/\/www.prefblog.com\/?p=869\">had been worried<\/a> that the issue of units would dilute the asset coverage of the prefs substantially, but these fears were not realized. A reinvestment price of $19.55\u00a0ties in nicely with the <a href=\"http:\/\/www.dividend15.com\/valuations.html\">May 31 NAV of $29.79 for the unit <\/a>(which includes $10.00 for the prefs), given that the record date of June 4 implies an ex-date of May 31. Both values agree well with the May 15 NAV of $31.95, given a total dividend of $2.25.<\/p>\n<p>So &#8230; DFN.PR.A continues to have very good asset coverage, currently just under 3.0:1 which, if anything, exceeds the normal range for an issue rated Pfd-2 by <a href=\"http:\/\/www.dbrs.com\">DBRS<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dividend 15 Split Corp. has announced that it: has completed its Offering of 841,476 Preferred Shares at $10.35 per share for aggregate gross proceeds of $8,709,276. The Preferred Shares will begin trading on the Toronto &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-895","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/895","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=895"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/895\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}