announcement, page-38

From my interpretation, the proposal is that the Senior Lender Group (SLG)gets EVERYTHING, leaving only $100 million to be shared between ordinary shareholders and other stakeholders who are junior to the Senior Lender Group.

There does not seem to be any definition as to who are the SLG, but the ordinary meaning of "senior" means "secured" creditors.

Note 7 of the half year accounts indicates that there is $675k of unsecured creditors. If we then add up all the cash, derivates, receivables minus the trade payable, derivatives and the unsecured creditors, you get a negative figure of around $417k. Unsecured creditors ranked in seniority to shareholders.

So there will be nothing left for the ordinary shareholders.

In addition, this transaction will result in NTA of the share to move to negative $2.51 (page 2 of announcement).

So essentially, CNP shares are now worth nil. I hate to say this but any price you can sell the share for is a good price.

Reading between the lines of the directors' statement on page 4, all the bargaining power is in the hands of the SLG, the $100 million is "pity" money. Had the SLG fully enforced their rights, it would have been ZERO for the shareholers and other junior stakeholders.