my revised nta take is now 1.32, page-30

Dodgy1,

THe need for a divi from CER from CNP point of view depends if CNP needs the cash. Paying a dividend will actually have increase look through gearing since half the dividend will leave the CER to other shareholders.

Retaining earnings would reduce look through gearing on the one hand, but on the other, having a distributable profit means CER gets slugged 46.5% tax on the lot.

There is a case on both sides of teh argument as to whether or not to pay a dividend.

No one knows the answer, except GLenn Rufrano.....