RE:RE:RE:RE:How to calculate the premium or discount on ENS or any SplitPuma....
People who buy the commons of split shares are intoxicated with the current yield. When the NAV for the commons approaches the $5 mark which for most splits is the point where the payout is in question, most people then dump their shares and the SP falls significantly.
None of this has anything to do with previous placements. Conversely, most managers of splits and in the case of ENS, Middelfield is a prime example, when the premium to NAV for the commons approaches 20%, the math works for them to do an overnight private placement at a discount to that day's closing SP. They do this so there are more shares outstanding and they get more management fees.
That said, when the NAV for the commons approaches the $5 mark, you need to look at the underpying companies that the split is tracking and make a judgement as to whether their SP will recover quickly. If you think they will and you buy and you are right then you can capture both a decent capital gain and some high yield dividends for a while. Conversely if you are wrong it is a bad investment choice