Q: Why was ENS just offered at such a low price - nearly 6% discount? ENB was unaffected. Thanks.
5i Research Answer:
ENS is a very small ($36M) split share company holding ENB shares. New shares can only be offered if they are non-dilutive and higher than net asset value (NAV). The NAV premium was 7% so the discount on the deal was more reflective of 'true' price but also made it easier to sell the deal to investors. Most financings are done at some discount.