Bullboard - Stock Discussion Forum E Split Corp T.ENS

Alternate Symbol(s): T.ENS.PR.A | ENSRF

The objective of the Class A shares is to provide holders with non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the portfolio. And The investment objectives for the preferred shares is to provide holders with fixed cumulative preferential quarterly cash distributions and return the original issue price of 10.00 Dollars to holders upon... see more

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TSX:ENS - Post Discussion

E Split Corp > ENS NAV still at a discount after expected ENB ex-divi drop

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Post by Obscure1 on May 14, 2024 3:44pm

ENS NAV still at a discount after expected ENB ex-divi drop

The share price of ENB has dropped by more than the divi today as expected

ENB is currently trading at $50.55 (down $1.13 made up of $0.915 + $0.22. The drop is even less than the last time ENB went ex-divi.

The difference this time around for ENS investors is that in mid Feb 2024, ENS was trading at a 12.36 Premium to the NAV the day before ENS went ex-divi and the Premium ended up at 13.3% on ex-divi day. This time around, ENS closed yesterday trading at a 2.15% discount to the NAV and is currently still trading at a slight discount of 0.84%.

What does the math mean to ENS shareholders?

Unless the ENB share price suddenly falls off a cliff (very unlikely IMO as I'm expecting ENB to slowly increase over the next year as the Natgas Distribution deal gets folded in) or ENS races upwards by month end in order (which I don't expect) for dividend hunters to grab the monthly payout. Therefore, I don't think we will be seeing Middlefield torture us with another Raise in the forseeable future.

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