RE:RE:RE:RE:Divergence I suspect that Obscure would have the detailed information/historical numbers but there is a simple explanation for the divergence and it relates directly to a point I have made here many times regarding buying splits like ENS at a premium to NAV.
Over the time period that you are talking about a couple of related things have happened. The first is that in the past ENS has consistently traded at a significant premium to NAV (IMO due to dumb people paying too much). The high premium allowed Middlefield to take advantage and do a number of raises.
For various reasons - people peedoff with Middlefield doing the raises and the education course provided by Obscure has lead to ENS trading in a small range plus or minus of NAV. The decline in trading from a premium in the mid to high teens to essentially zero accounts for alot of the divergence.
So while most investors would look at this and decide not to buy ENS, the exact opposite is true for pragmatic investors since it is unlikely that the discount to NAV is increase in a meaningful way but there is a potential for it to rise PLUS ENB as discussed here by Obscure and myself (and others) has signiciant growth potential.