swap, page-14

I thought about this last month and put a whole load of detail here:

http://www.hotcopper.com.au/post_single.asp?fid=1&tid=622906&msgno=2570120#2570120

Based on the results last week, we'll need to re-do the EPS and some of the other numbers in the posting as they are clearly now wrong.

I also said that CNP would only be able to sell the part of CAF / CAWF that it owned (the rest is owned by DPF / DPFI). At the presentation last week, the company said it is considering the sale of the whole entity, presumably including the DPF / DPFI stake.

Either way, you should be able to get the general idea of what the impact of the 3 scenarios are going to be.

Personally, I would be waaay against any new share or rights issues. First prize for me is the sale of CAF or CAWF - this would give a nice SP lift and some dividends for the future. Second prize for me is a full-on takeover, unless it was at a very, very significant premium to the current SP.