centro hybrid scenario testing, page-64

If they convert at 13-14 cents , by giving a fixed conversion you would not touch cnp with a 50foot barge pole as there will be a certainty of 90.1% dilution as hybrid holders will convert and sell as soon as cnp rises ie if cnp is 50c then the hybrid holders will force conversion, if there is a vote at that point (i doubt it, the vote will be in relation to setting up the deal) the banks will simply get nasty re funding as cnp use the four majors they will have to go overseas to banks not involved in the current deal which will leave a cap raising for ALL debt, the banks will look after themselves. i think you will find the 13-14c will relate to the 14.9% of shares issued in jan for the fees. All other hybrids will convert at the price + or - some percentage disc or premium at the time of conversion, it is illogical any other way.