centro hybrid scenario testing, page-34

the debt will be cancelled and hybrids issued as soon as shareholders vote in done (prob in Jan). once that happens it doesnt matter how much debt cnp payback, the banks will have 90% of cnp's share in 7 years time when the hybrids covert. banks are not stupid, they will own 90% of cnp no matter whats happens...... if shareholders vote it down, they will not extend the debt outstanding again..... now, how you gonna vote?