a dividend argument

I am throwing this out there for comment:

There have been recent CER posts about the likelihood (or not)of a CER dividend for the current financial year. An argumnt for the payment of dividends this year could be based on the following:

1. CER/CNP have come out this week and made a point that the US sale to Blackstone was effective March 1st 2011.

2. Previously, CER had to keep its "lenders" happy by reducing debt with all of its annual ditributable profits. "Equity" interests were taking a back seat to secured "debt" holders, who were NOT entitled to (or interested in) any "dividend" income and relied solely on "debt" repayments. This distinction is important.

3. The CNP hedge fund "lenders" will now become 51% "equity" shareholders of CER by virtue of the recent CNP hedge fund take-over. The previous 51% (100% in-debted) CNP interest in CER will become a 51% (debt-free) "equity" interest. These hedge fund owners therefore now have "equity" skin in the game, whose interests would be much greater aligned with those of ordinary shareholders. This would seem to be a quantum shift in the sentiment towards the paying out of dividends, as these hedge funds will DEMAND a dividend return on their equity investment.

Not sure if I'm missing something here but would like to hear some comments.