Enbridge Income Fund Holdings Inc. EBGUF

RE:RE:RE:RE:RE:the committee

[TickerTwit]

This is from today's call: "... the ability for the vehicles to grow at least in our view has been dampened and compromised." -- Albert Monaco.

[Note: I'm drawing on SeekingAlpha's transcript service, and their versions often have serious errors.]

Be aware that if you vote to refuse the offer, that is exactly what you voted for and ENB need not do anything. In the end you might get no buyout and consequently an ENF that no longer gets drop-downs from ENB, can't materially grow its revenues without severely diluting common shareholders (us), sees steady cost inflation on static assets, sees reduction in EBITDA per share ... and the dividend that we currently enjoy will eventually stall and erode.

Or, ENB caves to our genius and makes a second offer that dilutes ENB just before they convert us. We take the hit from that and wait (hope) for ENB to recover quickly.