RE:RE:RE:POSThanks guys.
The current premium to NAV scares me as brompton (like all of the fund managers) are always eager to issue more units.
It wasn't long ago that Brompton raised funds in LBS but they don't care how often they smack the share price. The moment the fund managers can push out a bought deal without diluting the NAV, they are off to the races.
When I was following ENS and calculating the live NAV, the moment the premium got to 20%, Middlefield would sell another bought deal and the share price would immediately drop about $0.80. If ENB was heading into an ex-dividend date, Middlefield would issue shares if the premium to the NAV was about 11% because the 11% premium plus the additional divi they would collect by buying ENB with the proceeds just before ENB went ex-divi would be enough to compensate for the costs of the deal. Good for Middlefield, but it sucked for any shareholders of ENS that weren't nimble enough to get out before the announcement.
I suspect Brompton is using the same playbook