cer separation, page-3

Swap,

Interesting comments, however, this will always be to a greater extent a "formal irrelevancy" as long as CNP owns a controlling stake in CER. As majority shareholder it controls the votes and therefore the directors no matter how many indpendent directors there are. CNP's actual shareholding in CER is part of the "Centroitis" to which you refer.

Do you advocate CNP selling out of CER? Will that ever happen voluntarily? A liquidator might do it, but will CNP do it?

Any sale would have to be an enormous boon for Orbis. Is Orbis counting on this? Will they get first option to buy in and swallow CER????

I have previously posted that it is my view that CER (despite the ringfencing) will either survive or go down with CNP. CER has it's own set of debts requiring re-negotiation and/or renewal to which the banks can say "no" So in a way, it's not necessarily a less risky proposition.