The reported maximum offer price of 90 cents per share (assuming CNP, not CER) and the alleged statement that CNPs stock does not have value (see today's AFR article) does not make a lot of commercial sense, other than it explains that the alleged offers are opportunistic.
CNPs Key Ratios as at 31 December 2007 (after write downs) are:
Gearing (Book) 47.60% (up from 42.80%) Net Tangible Assets per Security $1.31 (down from $2.29) Interest Cover (times) 2.6 (down from 2.8)
These are not the financial ratios of a "basket case". CNPs earnings can service it interest, its gearing is not overly high and NTA is still reasonably positive.
Just my opinion.
CNP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
