my revised nta take is now 1.32, page-19

Apprentice,

To answer your question, the funds will come from bank(s) in repsect of debt refinancing within 12 months. Where else.

I debt to equity swap at CER level is possible but very unlikely.

You have (perhaps?) neglected to conside rthat the head stock is (or will be) owned at 90.1% by banking syndicates and therefore already have a look through interest of about 45% in CER.

The banks have already sent their message with CNP and are not likely to further send the message of wanting to own anything and everything via debt to equity swaps.

Banks are in the business of lending money not in the business of owning businesses (as a general rule anyway).