distribution to share holders, page-38

"This is because if a distribution were paid, then 49% of the distribution paid by CER would leak out of the CNP consolidated entity."

Defabstar,
Isn't it a case that if they don't distribute profits that the leakage will still be there. It will leak to the tax dept. Then again if it paid then CNP may have to pay tax on their profit.
What a tangled web we weave. Separation please.To complicate matters more the directors are wearing two hats but they should still act for the benefit of ALL shareholders. Maybe this is a reason for the CNP SP being above CER when it should be the other way.Personally I value CER above CNP.
Note that CNP sold at a steady rate all day while there was greater variation in CER. I sold CNP on open but couldn't get a chance to buy back in. CER was fairly easy pickings.