more hedges closed, page-22

What do you think cer's current NTA is? (not june 30)
How much do you think cer will earn this financial year?
Do you see valuations rising flat or falling between now and dec 2011?



1.current nta:35c(not incl. Superllc)
2.25%less earnings because of higher A$.
3.valuations in commercial R/E generally will be flat to nil until at least 2013-2014.


lets not forget dilution can come in many forms..CNP holds CER in two separate unlisted entities which can also be floated...etc

there are many different dilution scenario's..the directors just have to choose the one that they can sell to ordinary shareholders.(you guys)