I'd say the big difference between ERF and ECF is that ERF traded at a discount to NTA even before covid19. I don't think ENN clearly communicated a vision for ERF, or, if they did, the share market didn't appreciate it.
By contrast, ECF has traded close to NTA for extended periods of time. Currently, it does trade at a discount to NTA, but virtually all REITs do (since the big increase in the risk-free rate). Even CLW trades a big discount to NTA. ECF actually trades closer to NTA than many other REITs.
I'd say ECF would start a buy-back program before seriously contemplating a delisting. A delisting would be a last resort.
ECF Price at posting:
$1.04 Sentiment: None Disclosure: Held
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