capital raising and perspective dilution

I'd like to bring up the possible scenario of a likely CER / CNP capital raising and get your thoughts on the outcomes.
CER's CEO Glenn Rufrano has noted that gearing ratios ideally are expected to fall to 30-40%.
If a straight out capital raising is announced it would stand to be one of Australia's largest in the corporate history (to bring current gearing ratios down to fore mentioned rates). I suspect that CER will wait for valuations to rise prior to any raising. However what would be the consequences of raising 3 Billion Shares at 12c ($360m)? Although this would hardly have a great effect on LVR, together with rising valuations LVR could come closer to the Glenn's targets.

Of course CNP would also be required to take part in a raising from their end simultaneously. i.e. CNP will be required to come up with 51% of capital in any capital raising to maintain its 51% interest in CER. Hence any capital that CNP raises will be funnelled down to CER.

It appears that there will be dilution to CER and CNP however timing will be most important with any 'capital transaction'.