investor services re 30th may

Guys and gals,

The market really has oversold CNP today IMO. There are numerous reasons for this, debated at length on this forum. In summary though, sentiment has taken a turn for the worst.

A big driver seems to be questions around 30th May deadline.

I rang Investor Services earlier specifically asking about the two bullet points on the ann last week which outline the requirements for what needs to be achieved on 30th May.

I.S. have confirmed these really are only administrative items. 'Finalisation' means exactly that - paperwork and completion of the agreements. The $55m is already in place . I would suggest from my discussion that there is no chance the deadline for the other $100m will not be hit by the end of the month, and may get across the line sooner.

The lenders have already agreed to the extension to 15th Dec, the inter-lender arrangements (point 2 in the ann) are just documentation of a) the consent process, how assets are sold and what is to be done with the proceeds of the sale b) security to lenders given by Centro Group US entities.

I didn't ask about any other points.

Anyway, as always everyone is going to have to make their own mind up. I suspect we have permanently lost some holders in the last couple of days, which is a shame, but my view is that the selldown today has been driven by sentiment rather than by fact.