'the hybrid securities are not options. They are only converted...

'the hybrid securities are not options. They are only converted if Centro shareholders vote for it, and even then, not for 7 years.'

Shareholders have basically no choice but to vote yes to this. If this deal does go ahead (and there are no guarantees that it will yet) then shareholders will then have to vote. Still need more detail on the terms of the hybrid securities. If they can't convert them into shares for 7 years that may be a good thing, or alternatively it may be bad as it means debt cant be reduced on the $1bill and therefore interest reduced. You have to conclude that if this deal goes ahead Centro shares will be reduced by 90% in 7 years time. But that is plenty of time for Centro to pick up the pieces and get back on track.

This is very simplistic but considering Centro was $10, 90% dilution makes it $1, if they make it halfway back you might expect 50c. That would be my long-term target for CNP best case scenario. Worst case, well lets not go there.