am i missing something, page-5

That is exactly rite, the debt for equity has to be approved be shareholders sometime over the next 7 years when it is set to expire, the lenders aren't really interested in the 90% they just want there money back. A deal will need to be put on the table that satisfies shareholders as well as reducing debt.

Directors have to act in the best interest of CER shareholders, I am still tipping a buy out offer will be successful by a highly capatilised fund, there has been lots of media over the last six months that these funds really have to put their substantial cash hords to work.