RE:RE:RE:RE:Correction ENS receives the $0.915 divi so it is a non-event in terms of calculating the NAV.
I just checked the math behind my formula that calculates the Live NAV, the Premium/Discount to the NAV, and a Trigger Price for a Raise.
My formula adds back the divi ($0.915) to the closing price of ENB that day in order to produce the required adjustment to calculate the Change in the ENB price for the day. The formula uses the Change in the ENB price each day to accurately predict the Live NAV. From there, the formula produces the Premium/Discount percentage to the NAV. That formula was reliable in predicting the timing of a Raise until Middlefield moved away from fixing the Pref NAV at $10. That move caught me off guard for one Raise, but the "Fool me once" saying forced me to look at the Unit NAV.
The shift in ENS investor behavior to stop being "asleep at the wheel" forced me to understand that Middlefield does it Raises based upon the Unit NAV. Middlefield is smart and they have to play by the rules. When I see "odd" behaviors in numbers (or in this case, share prices), it makes me take a look at what is different and how the differences can affect outcomes.
My guess is that the fund managers have figured out that investors are not as dumb or asleep as they were in the past. That doesn't stop their greed. When I start to see "odd" trading patterns, the spidey senses start to tingle. They are tingling now. Will it amount to anything? I dunno but I will be watching for anomalies.
Geez, I really am a numbers nerd. I can live with that.