Hey guys, after speaking to management today, must say that my...

Hey guys, after speaking to management today, must say that my research and others haven't gone to waste.Firstly just thought i'd bring up one issue that was discussed on this forum and that was the likelihood of dividends moving forward.

Now management did agree with my comments related to this matter which was the taxable income amount payable to cer holders i.e. cer being a trust and the announcement that was released on Friday Jan 16, with regards to no guidance for distributions and did mention that "both of these matters were separate issues".

1. The taxable income of the trust for full year results this year, is likely to be a similar scenario to that of last year when the amount was paid out to cer holders and cnp using this to pay off their debt.

2.Now as we all know cer will not provide dividend guidance at this time... As point 1. Is related to the taxable amount and point number{2} is more related to the available cashflow amount which hasn't been implemented as yet.So still waiting on management to finalize these details in point 2;but likely that point 1. will recieve the taxable amount i.e under the cer trust constitution i.e. 1cent or there about.This will be more than likely payed in late August 2009 with an announcement later down the track.

"Very important to distinguish between the two."


So once again the no guidance on dividend policy is different to that of the taxable income of the trust as mentioned in the conversation.

One other point that was mentioned to me without me asking the question was the $1,403 million due by Dec 2009 is really "$881 million" to be rolled over by December 2009 as $522 million of this will have an option to extend by a furthur 12 months from September 2009 to September 2010.. Management repeated that if we were successful with the larger amount to be refinanced then this is "Small fry".So it seemed as they were confident that debt would continue to rollover and the relationship with their banks is sound.

"Now Here's The Big Question;That Either Gets Answered or Doesn't."

My question to management is as follows:

Based on the current dilution for cnp and comparing N.T.A for both entities as well as debt,relevant gearing and other issues related to both companies would u now say "cer" is of more value to shareholders than "cnp".

Answer..."I think i would have to agree with you on this"....ends...

As you can see even management had a tough time revealing the truth and as mentioned i didn't mind if they didn't answer my question; but must say, that this is a bonus to get out of them as most wouldn't comment.

Now keep in mind guys this was my idea to ask the basic questions for traders/investors of cer and if u would like to do the same probably best u contact management directly and have set of questions ready for them to respond.Investor services will just end up going to management with your questions anyway so try and avoid if possible.

cheers

reggie