- FCLPA dividend ranks ahead of ordinary equity. That means they have to pay FCLPA dividend first before they pay dividends on FCL. - there is a risk that FCL reduces or cuts dividend completely which of course is bearish for FCL and bullish for FCLPA - FCL has some refinancing to do. To make this happen, they may need to raise equity. This is bearish for FCL but bullish for FCLPA - I have no way of valuing FCL. I am not a broker or analyst. But I can work out that FCLPA is trading at $33 for a face value of $100 so if and when things get back to normal in a few years, I know FCLPA will be worth $100. I have no idea where FCL will be in a few years.
I hope that helps you.
FCL Price at posting:
38.0¢ Sentiment: LT Buy Disclosure: Held
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