Live Premium to the NAV is 16.41%The last time Middlefield did a Raise for ENS was on Dec 4th when the Premium ws 16.44%. By the end of the day, the Premium backed off because of the announcement.
My guess is that Middlefield would love to have the $40 million ish in place to buy next Tuesday before ENB goes ex-dividend.
Logic would dictate that Middlefield would want to wait until Wednesday to Friday next week as they will be able to grab ENB for about $2 less per share. However, fund managers don't let logic get in the way of whatever serves them. And what serves them is grabbing another million shares of ENB which will pay a $0.915 divi per share. Middlefield can then use that divi to fund operations or payouts. If Middlefield buys on Feb 13th, they essentially get 5 dividends in 367 days (365 plus 1 day plus another day as this is a Leap year). Middlefield won't care about the ENB share price dropping after it goes ex-divi because it always comes back.
If was managing the ENS fund for Middlefield, I would make sure that ENS closes just high enough today to allow for a Raise. That is the exact reason why I left Bay St.
Will there be an ENS Raise announced today? Maybe. Maybe not. Maybe it's tomorrow, or maybe they wait until ENB goes ex-divi on Feb 14th when the ENB share price gets smacked but ENS won't respond which will drive the Premium up a chunk. One thing that is almost a certainty is that it is coming