centro agm

Well.. nothing signifigant came out of that. Was surpised as to the relatively small turn out maybe around 50 people ?

Started by paul cooper chairman basically saying that propsal for long term extentions where on the table with the banks and their waiting for them to get back as to their answer. They stated that they didn't see futher short term extentions as a viable result. Which I did understand seems better to me to keep company trading with short term extentions then put it into administration.

But one thing they did put down heaily was that their was no operational problems and only balance sheet problems. which we all knew neways doesn't solve the problem.

Was suprised at some of the questions ask they where poor and some related to CNP rather then CER. Thou they touched on debit for equity and stated that it was the centro group looking for the debit to equity rather then CER.

The court cases they mention and that they where 'in talks' with both plaintifs on the matter and that a quick resoultion would be good for all parties. Their where a few questions that couldn't be answered due to the litigation as they related to some of the past finaces.

The real star of the show thou was steven mayne he ripped though the board and I believe posted some good questions.The board gave some prediciable answers stating that they would have to get back to him as they didn't have the figures available at that time (more like they needed to talk to the laywers first so they answered them correctly)

There was much angst from shareholders in relation to remuneration and that CNP holds 51% of CER meaning all CER shareholder votes where of no meaning essentially and CNP where free to do whatever they wanted.

The Clear message from directors though was Separation from CNP was a priority and the process was being accelerated in order to become more independent from CNP. The reasoning for this was that initially it made more sense for synergies to exist between the two for financing purposes and operational purpose. They now believe this is not the case.

Overall got to say interesting they seemed to talk a lot about the future then they where about working out what would happen if we where placed into administration.

Have to go got to get some sleep working nightshift start at 10 ive skipped over some details however to tired right now to fully go into it can post more later.