RE:RE:RE:Numbers tell storiesGood discussion...
Here's my take...
A long time ago I was an active options trader and also had a close friend who was an options specialist on the CBOE (he likened his job as picking quarters in front of a steamroller...lol). My experience back then and I suspect that this is still the same today is that most options are not exercised and in my case if I sold covered call options and the underlying stock went up in price, I simply closed out my options position for a profit and kept the underlying stock position. This would be especially true if I was approaching an X dividend date for the underlying since I didn't want to lose the income from the dividend.
Sooo..I suspect that Middlefield is doing the same. I can't see Middlefield wanting to issue ENS shares at such a discount to NAV, That wouldn't make sense to me and if I was them I would not do that.
All that aside, as an investor all I really care about is getting the best risk adjusted return on my money and I stated in an earlier post, with ENS trading at close to a 10% discount to NAV and I am bullish on the underlying stock (ENB), ENS is high on my list of stocks with a great risk adjusted return and hence my overweight position.