E Split Corp T.ENS.PR.A

Premium continues to shrink

[Obscure1]

At the time of this message:

ENB = $49.11 (7.45% yield)
ENS = $12.07 (12.92% yield)
Live NAV = $11.52
Premium to NAV = 4.77%

No love for ENS = opportunity

[cttglvr]

Middlefield won't be printing more shares for some time at this rate. I agree it's an opportunity especially with more upgrades from analysts on Enbridge.

[Experienced]

cttgivy...yes absoluely! Middlefield is in the business of making money. The more they can increase the number of shares outstanding the more they make in management fees. That's why I said to buy when the premium to NAV is low to buy and when it gets in the teens to sell. The math, based on legislation is that once the premium gets close to 20% they will do an overnight equity distribution at

[cttglvr]

ENS is my largest holding at this time. With regards to Obsures1 comments I totally agree. While out for my daily hour walk...kayak is in dry dock...I met a fellow retired NOVA employee. He commented about the horrible performance of ENS and he was shocked when I told him I just bought more shares. I tried to explain how ENS was a spilt share and may not pay a distribution if Endtridge shares fell

[Experienced]

cttglvr...good question The Bs were reset last year for the next five year term so the dividend stays constant until 2027.   The short answer to your question is that once the 5 year dividend reset is done, the shares are priced in the market so that outside of small day to day fluctuations, the yield on any of the preferreds is basically the same and so it really doesn't matter which