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First National Financial Corp | Class A Preference Shares, Series 1 (FN.PRA.CA)
Prospectus excerpt: First National Financial Corporation (the ‘‘Corporation’’) is the company resulting from the conversion on January 1, 2011 of First National Financial Income Fund (the ‘‘Fund’’) from an income trust structure to a corporation. See ‘‘The Corporation’’. This prospectus qualifies the distribution by the Corporation (and on a consolidated basis with the Partnership (as defined herein), ‘‘First National’’) in all of the provinces and territories of Canada of 4,000,000 Class A Preference Shares, Series 1 (‘‘Series 1 Shares’’) at a price of $25.00 per Series 1 Share (the ‘‘Offering’’). For the initial five year period commencing on the Closing Date (as defined herein) and ending on and including March 31, 2016 (the ‘‘Initial Fixed Rate Period’’), the holders of Series 1 Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the board of directors (the ‘‘Board’’) of the Corporation, payable quarterly on the last day of March, June, September and December in each year at an annual rate equal to $1.1625 per Series 1 Share. The initial dividend if declared by the Board will be payable March 31, 2011 and will be $0.2070, based on the anticipated closing date of January 25, 2011 (the ‘‘Closing Date’’). See ‘‘Details of the Offering’’. Full Prospectus PDF », FN.CA Page »
Series: | 1 | Alternate symbology: | FN-A.CA, FN-PA.CA, FNprA.CA | Redeemable?: | Yes | Call Date: | 3/31/2016 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | The holders of Series 1 Shares will have the right, at their option, to convert their Series 1 Shares into Class A Preference Shares, Series 2 (the ‘‘Series 2 Shares’’) of the Corporation, subject to certain conditions, on March 31, 2016 and on March 31 every five years thereafter. The holders of Series 2 Shares will be entitled to receive floating rate cumulative preferential cash dividends, as and when declared by the Board, payable quarterly on the last day of each Quarterly Floating Rate Period (as defined herein), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 2.07% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See ‘‘Details of the Offering’’. | Shares Offered: | 4000000 | Liquidation Preference: | $25 | Recent Market Price: | $12.77 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-12.23 (-48.92%) | Annualized Dividend: | 0.723752 | Recent Ex-Date: | 3/27/2024 | Current Yield: | 5.67% | Original Coupon: | 4.65% | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
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First National Financial is a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. Co. has two operating segments: Residential, which includes single-family residential mortgages; and Commercial, which includes multi-unit residential and commercial mortgages. Preferred: FN.PRA.CA Open the FN.CA Information Page »
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