centro hybrid scenario testing, page-36

Do any of you understand how a hybrid works

The banks will not have the full 90.1% as a fact. it depends on how cnp performes over the next seven yrs.

They will get the hybrids in jan but conversion occurs in 7 yrs. The hybrid has a par value that interest is calc on
ie $1.00, each secured creditor gets x number of hybrids at $1.00 depending on debt level. in 7yrs at conversion say the price of cnp is 50c then for each hybrid they will recieve 2 cnp shares (plus capatalised interest which will work like a drp in a sense). However there is alimitation if cnp has performed badly then the max number of shares that can be issued is 90.1%