RE:Middlefield's next playHi Obscure1. I think I can explain the way the ENS preferreds are trading and why so far above par.
Until July 2023 ENS preferreds were paying 13.125 cents per quarter or 5.3% annually. Most perpetual preferreds like POW, PWF EMA and more were yielding in the mid to high 6% range.
September 2023 the ENS preferred payout was increased to 175 cents per quarter to yield 7%.
Now all of my perpetual preferreds have gained in value and yield about 6% with further rate cuts expected by the BOC. Note perpetuals are still trading 10 to 20% below their historical average.
The ENS preferred yields about 6.6% which although is way above par it is still far below comparable perpetuals. For comparisson ENB.PR.A perpetual yields 6.11%.
It looks like Middlefield can change the payout amount when it suits them. I don't know the logistics about this but if they can increase the distribution they can also cut it.
I still think something stinks with the way ENS is trading. I thought one of the under writers of the last raise got stuck with shares and have been liquidating. Now I don't think so. I think since Middlefield can't do a raise they are using their ATM to issue shares far below par. I may be wrong but this price action of ENS has never happened before. I still have a full position but am not buying more as ENS and Middlefield seem to be playing poker with investors and Middlefield holds all the cards. JMO