people's republic of centro ..., page-16

As a holder of lots of CER - I am interested in this situation. I don't want the d for e thrown out unless there is more cash available.

With repect to the posters above, I'm not sure I agree with many of the posts above about CNP. The banks offered CNP a deal, and it was up to CNP to find a better one. IMO CNP could not service their obligations reliably, and that deal ended up better for shareholders than liquidating the whole shebang at more than 17% discount to market value (most likely) leaving not one cent of value.

I'm not suggesting the CNP shareholder group is silly for carrying out what they are doing - there is a lot of money in that 17% (was it?) of LVR that is CNP's equity. There is also the value of the management business (but not worth a cracker in liquidation). I sincerely wish them well.

I do not think the instos will not vote down the D for E swap, unless the shareholder group (or somebody else) comes up with a billion in funding. At the current CNP sp - this billion will be expensive. I wouldn't lend it myself to CNP - I would want lots of shares at approx the current share price. That is what the banks wanted - no surprise there!