RE:RE:keep an eye on the Prefs One's cost base is irrelevent except for tax purposes.
If history repeats itself, ENB will raise money at a significant discount. The $4 billion (+ $600k green shoe) was done at $44.70 on Mon Sept 5. The share price ended up at $45.31 on Sept 6th, down $2.85 per share. Meanwhile, ENB only fell $040 on the day when its NAV dropped $1.25. Two days later, ENS announces a Raise.
Quelle surprise!.....nope, not a surprise at all. Remember that Middlefield is always ready and waiting to pounce.
As I write this at 3:31pm July 9th, the trigger point for a Raise for my model is only $0.75. That means IF Enbridge announced their own Raise at $46.32 tonight (only down $1.85 vs the $2.85 discount last round), ENS would likely announce a Raise tomorrow or Thursday at the latest. Of course ENS might drop a bit in the early trading tomorrow, but my guess is that the powers that be would hold the share price up until the deal got announced. I know, that would be illegal but that never stopped a deal as nobody could prove it. The costs of the deal would be about $3 million so a handful of shares hitting the bid wouldn't be a problem to absorb. All I can say is that they will be eating my shares if they try to falsely support the price.