buy or sell, page-25

Selmax,

If such simply mathematics work as u've implied, life will be much easier for everyone. WDC will be priced very differently to what it is today.

BTW, CER's nta as at 31 Dec 2008 was 72c, not 76c.
Also, if I remember correctly,CER has large hedging losses with CNP as counterparty.

CER needs to sell more assets at discount price with refinancing still an issue in the not too distant future (2010?), while VPG does not seem to be forced to do so as we see now. Though the margin scale may incentivise them to do so when the opportuntiy arises.

Furthermore, VPG is neat and clean,unattached and smaller as a takeover target, while the same may not be said for CER.