possible recapitalisation scenario

I have been doing some calculation about possible Centro recapitalisation scenarios and it does not look pretty.

They need about $1bn in new capital to get back to a reasonable debt/equity ratio for a property entity. In round figures.

Current market cap for CNP is less than $250 million.

Issuing $1bn of new shares are current prices would dilute current holders to a total of a 20% holding in the recapitalised entity.

From that starting point, you would be damned lucky if the shares were ever $1 again even after 5 years.

I am holding mine but I can see why people wouldnt want to.