orbis' reputation (from cnp thread), page-10

For some time now I have traded between CER and CNP. I have been happy to trade one for the other when there has been a worthwhile price difference. However I am now "caught' with CER. I had expected them to trade a little higher in value at this critical stage and can see no reason for them to be worth less. Doesn't their charter require a dividend payment? Doesn't CNP rely on a dividend payment from CER to fund their continued activities? Apath from loans falling due, aren't they trading profitably? What am I missing?