TORONTO, May 22, 2020 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (The “Company”) declares its regular monthly distribution of $0.04583 for each Preferred share ($0.550 annually). Distributions are payable June 10, 2020 to shareholders on record as at May 29, 2020.
Since the latter part of February 2020, financial markets have been extremely volatile in response to the developing COVID-19 pandemic and equity markets in particular have experienced significant declines. The investment portfolio of the Company has been subject to these market fluctuations and the net assets of the Company have been materially negatively impacted. The net asset value per unit of the Company as at May 15, 2020 was $11.43. No regular monthly distributions will be paid on the Class A Shares in any month as long as the net asset value per unit is equal to or less than $15.00. The Company’s investment portfolio may continue to experience significant volatility as the situation evolves.
Since inception Class A shareholders have received a total of $13.89 per share and Preferred shareholders have received a total of $8.27 per share inclusive of this distribution, for a combined total of $22.16.
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.
|Preferred Share (FFN.PR.A)||$0.04583|
|Ex-Dividend Date:||May 28, 2020|
|Record Date:||May 29, 2020|
|Payable Date:||June 10, 2020|