possible recapitalisation scenario, page-10

Well I can see your point of view. In fact I was arguing exactly the same thing back in early January when the CNP price was around a dollar. A 1 for 1 rights issue at a dollar would have solved their problem then, I reckon, and on much better terms for shareholders than a placement introducing a new controlling shareholder.

But the fact is, if people really thought your scenario was correct, CNP would be trading a lot closer to a dollar now, than what it actually is.

It seems very unlikely to me that someone is going to put their hand up now to buy a lot of shares at 4 times the current market price. Does not happen. Can you refer to any similar past example ??