03:15 PM EST, 12/13/2024 (MT Newswires) -- North American Financial 15 Split Corp. ( FNCSF ) announced Friday that the recent extension of its termination date included "a retraction right for Class A shareholders and Preferred shareholders," and the company said it will not require a rebalance of shares as "all retraction rights have been satisfied."

A statement noted the current intrinsic value exceeds $8.00 per share, and the company added it may use the normal course issuer to repurchase Class A shares at or below intrinsic value.

As previously announced, the annual dividend rate for the Preferred Shares has been set at 8.75% (subject to a 5-year minimum of 7%). 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.

The company invests in a portfolio consisting of 15 financial services companies made up of 40% Canadian and 60% U.S. issuers. The top five holdings currently held are JP Morgan Chase & Co., Goldman Sachs Group, Morgan Stanley, Wells Fargo & Co., and Bank of America.

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