cer change in substantial holding, page-5

Orbis are counting on first right of refusal for CNP's 51% if CNP goes to the wall and the administrator sells it's share in CER.

Orbis could swallow CER in total if this happened and de-list CER.

That's just my opinion.

So you may be able to surmise that Orbis might think CNP's history and CER is not. Or that Orbis thinks both will be OK but CNP will "de-couple" from CNP and sell it's share in CER regardless of whether it survives or not. In which case Obis would be a logical suiter having an existing holding of 15.06%.

Lots of "ors", "ifs" and "buts". At this point any theory is a good one.