From the Desk of Irwin Michael – September 16, 2016: Enbridge Inc. One of the ABC Funds’ recent investments is Enbridge Inc., an operator of pipelines, storage facilities and distribution networks for natural gas, crude oil and liquids. The company also provides power in Ontario and the northern U.S. We see opportunity in Enbridge for several reasons. Firstly, it has built up a large and developing network of liquids pipelines, which is expected to add to organic growth for the next three years. Secondly, Enbridge has been making large acquisitions, most recent being the Spectra Energy Corp. purchase, creating the largest North American energy infrastructure company. Furthermore, this acquisition brings greater scale and bolsters its competitive position through cost synergies, diversifies the company’s revenue streams, strengthens its balance sheet and limits its need to build new projects. And lastly, the company has committed to its attractive dividend, presently yielding 3.69%, and increasing its payout 10-12% every year to 2024. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.