centro hybrid scenario testing, page-63

I do believe that shareholders will have to decide in 7 years time simply because I still think there is regulation around conversion (esp when it goes above 90% ownership - will check this tomorrow.. getting a bit late now) and also if by then, CNP has not paid back the note / debt and share price is still that low, then shareholders simply don't have a choice. It is either:

1. Pay back the $1B owed or go into administration or
2. approve the dilution and have a chance to recoup

seriously, if by year 7 we can't pay off the notes, then we are in serious problem.