cer after split, page-25

Not sure where you are going but the way i see it is

CNP own 1,068,343,438 CER shares all up.

They are owned by cnp not cnp shareholders directly. The lenders have preferance for them so if CNP were to divest them then they would get sold like any other major share holder (placement to instos etc, as such a large holding on market would be near impossible to get away) The proceed would then pay down CNP debt.

If CER was financially strong they could look at doing a buyback or of these shares but i consider that to be just about impossible.

IMO cnp will sell down at some point (further down the track depending on lending agreement) They will probably use a broker(couple) to sell down holdings to investors(insto/;retail) as well maybe a priority deal to cnp/cer holders.

Hope that helps