orbis may reduce holdings, page-20

"The Bamford Decision puts a lot of power into the hands of Trustees and takes power away from Beneficiaries (unit holders) this is without a doubt. This Bamford issue should be closely monitored"


It is because of the power being in the hands of the trustees that I am happy with the situation as it relates to CER. With CNP being in control of the trust but also being the majority holder of CER stock they will be in much the same position as we are. CNP will not want a tax liability without getting any income related to that liability. They will also appreciate getting a dividend as much as any other shareholder. If there are profits from the operations there will be no reason to withold dividends and plenty of good reasons for one. I doubt if there is any way that "creative accounting" will prevent a profit for the year. Any creative accounting that was possible would have been used last year and we still ended up with a final dividend.