E Split Corp T.ENS

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

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 maturity. The Company has a portfolio comprised primarily of common shares of Enbridge Inc. Enbridge, a North American oil and gas pipeline, gas processing and natural gas distribution company the Enbridge Common Shares or the Portfolio and intends to purchase Enbridge Common Shares from time to time in the market or through participation in future public offerings by Enbridge. The Advisor believes that the Company offers investors an opportunity to gain exposure to Enbridge, one of the worlds largest energy infrastructure companies.

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E Split Corp > The total nav should be calculated by adding the ....

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Comment by Obscure1on Oct 11, 2023 10:28pm

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RE:The total nav should be calculated by adding the ....

Interesting perspective on the Premium. However, the reality for Common shareholders is that they are subordinated to the Prefs which effectively reduces the Unit NAV by $10. As such, the value of the Unit NAV is irrelant to the Common holder.

I initially used the same math that you used to calculate the NAV. I just tweaked it a bit to save time. If Middlefield changed the percentage of cash held, or changed the ratio of Prefs to Commons, your calculation would still work and I would have to tweak mine again.

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