Enbridge Income Fund Holdings (Symbol-ENF)

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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Nothing like abuse of existing shareholders. There has been a lot of that bullshit on the TSX in the past year or two. Gotta wonder why one continues to invest in the majority of Cdn stocks. At least I don't hold this one.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Sigh. Not looking forward to tomorrow :(

At least there may be some positive news on the pipeline front: http://news.nationalpost.com/full-comme ... p-priority
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Enbridge Income Fund

Post by lacrosse905 »

Enf had a trading halt this afternoon and I received an alert at 4.32p.m. that they were announcing a secondary offering of common shares @ $33.15. I went into TD to place an interest to buy and it had already closed :evil: :evil:
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Re: Enbridge Income Fund

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I got an alert from RBC at 2:48pm PDT on the same issue. I don't buy IPOs anyway.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by Shakespeare »

This is a secondary offering, not an IPO. But, in any case, it is done at a price favourable to the issuer, not the buyer.

Added: It's Enbridge-held shares, so it isn't dilutive.

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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Still open at RBCDI, so I put in for 100.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Shakespeare wrote: 27 Mar 2017 20:04 This is a secondary offering, not an IPO. But, in any case, it is done at a price favourable to the issuer, not the buyer.

Added: It's Enbridge-held shares, so it isn't dilutive.

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Agreed. I meant secondary offering (not at initial IPO). We will likely see more of this. The ENF vehicle is an optimum way for ENB to move assets out and then monetize them likely at a higher valuation (multiple) than from within ENB itself.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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The ENF vehicle is an optimum way for ENB to move assets out and then monetize them likely at a higher valuation (multiple) than from within ENB itself.
Yes. I have some doubts about the price/quality in such shuffles, so only put in for 100, but I am using ENF as a bit of a trading vehicle to store money when the banks are overpriced. :wink:
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Offer now closed at RBCDI. Decided to add 100 at open (33.22).
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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Hmm. I used to think ENB/ENF were one and the same, as in the same underlying assets. However, I am now thinking that ENB is moving the company in a different direction from ENF, away from oil (sands) and towards gas and renewables.
The Secondary Offering of EIFH shares is consistent with Enbridge's previously announced strategy to gradually reduce its economic interest in the Fund Group (made up of Enbridge Income Fund, Enbridge Commercial Trust and Enbridge Income Partners LP) to approximately 80 percent over time in conjunction with the execution of the Fund Group's secured growth program.
Its holding of ENF is still pretty substantial, but it is being reduced. Meanwhile, ENB has acquired Spectra, transforming it from an oily company to a gassy one, and simultaneously investing heavily in wind: http://www.enbridge.com/about-us/our-wo ... nergy/wind
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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JaydoubleU wrote: 28 Mar 2017 18:15 Hmm. I used to think ENB/ENF were one and the same, as in the same underlying assets. However, I am now thinking that ENB is moving the company in a different direction from ENF, away from oil (sands) and towards gas and renewables.
The Secondary Offering of EIFH shares is consistent with Enbridge's previously announced strategy to gradually reduce its economic interest in the Fund Group (made up of Enbridge Income Fund, Enbridge Commercial Trust and Enbridge Income Partners LP) to approximately 80 percent over time in conjunction with the execution of the Fund Group's secured growth program.
Its holding of ENF is still pretty substantial, but it is being reduced. Meanwhile, ENB has acquired Spectra, transforming it from an oily company to a gassy one, and simultaneously investing heavily in wind: http://www.enbridge.com/about-us/our-wo ... nergy/wind
All the more reason to lessen weight in ENF and up ENB? We did this recently.

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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by Shakespeare »

Depends whether you want to emphasize growth or income.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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All the more reason to lessen weight in ENF and up ENB? We did this recently.
YTD, I have increased exposure to both, with an emphasis on ENB. I see ENF as a great income vehicle and will stay with it at least until 2019 when its dividend growth program winds up. I have a hunch the 10% annual growth target will then be reduced to something like 5%. Meanwhile, I like what ENB is doing to adapt to changing markets; looking forward to hearing more about these large procurement programs for renewables from Saskatchewan and Alberta. Several of my holdings are in the bidding.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by shellybear »

Wondering if anyone had any insight into why ENF.to is down trading at a 52 week low. Earnings i thought looked OK....
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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On the negative side:
- Interest rate sensitive stock with a fair bit of debt.
- Certain debt downgraded. Nothing materially certain on growth, i.e. Line 3 replacement still an unknown.
- ENB monetizes some assets by dumping them down into majority owned ENF, perhaps at a price favourable to ENB.

On the positive side:
- Juicy dividend for the income investor.
- Probably a good hold at the right price (valuation)... may be approaching that now (low double digit), IOW, should it be any higher than the banks?

What would change the outlook positively? Cash flow/earnings from Line 3 replacement circa 2019/2020.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by Peculiar_Investor »

For anyone holding medium term notes from Enbridge Income Fund you may or may not have received paperwork on this yet.

CNW | Enbridge Inc. and Enbridge Income Fund Announce Proposal to Exchange Enbridge Income Fund Medium Term Notes for Newly-Issued Enbridge Inc. Medium Term Notes
Company press release wrote:The following Fund Notes will be eligible to participate:
  • 4.85% Medium Term Notes, Series 4 due November 12, 2020
  • 4.10% Medium Term Notes, Series 6 due February 22, 2019
  • 4.85% Medium Term Notes, Series 7 due February 22, 2022
  • 3.94% Medium Term Notes, Series 10 due January 13, 2023
  • 3.95% Medium Term Notes, Series 12 due November 19, 2024
  • 4.87% Medium Term Notes, Series 13 due November 21, 2044
The Fund will mail a management information circular and consent solicitation statement (the Circular) and related proxy and consent solicitation materials to holders of Fund Notes in connection with the Consent Solicitation and Meeting. The Fund will file these materials today with the applicable Canadian securities regulatory authorities which will then be made available on SEDAR at www.sedar.com.

Fund Noteholders are asked to submit a proxy and consent solicitation form by noon (ET) on Wednesday, December 5, 2018 and all voting Fund Noteholders will receive a payment of $0.25 for each $1,000.00 principal amount of Fund Notes held if the Note Exchange Resolution is approved and the Note Exchange Transaction is completed, regardless of whether or not each Fund Noteholder consented and/or voted in favour of the Note Exchange Resolution.
We've got some of the Series 10 notes so will be voting just to pick up the $0.25 per $1000.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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I already voted my Series 4 to get the 25 cents per $1000. Thank you very much! :thumbsup:
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

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ENF debt was recalled and converted to ENB debt in my brokerage account Dec 21, but haven't seen any cash deposit yet. Waiting with suspense for the 25 cents/$1000 bonus. :lol:
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by Peculiar_Investor »

I can confirm I've seen the same at TDDI, the notes have been exchanged but no cash bonus received.

On Dec 7th they announced the deal was approved, Enbridge Inc. and Enbridge Income Fund Announce Fund Noteholder Approval and on Dec 21st they announced the completion, Enbridge Inc. and Enbridge Income Fund Announce Completion. Neither press release makes mention of the timing of the $0.25 bonus payment as far as I can see.
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Re: Enbridge Income Fund Holdings (Symbol-ENF)

Post by Peculiar_Investor »

My $0.25 per 1000 bonus payment showed up in my TD DI account dated yesterday. TD DI has indicated it as INT. Since the holdings is in a registered account how they classify it doesn't matter.
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