puzzle solved - gr great job, page-23

The hybrids are secured so regardless off type or SH votes they will need to be converted of paid out.My line of thought is, i can not imagine the banks allowing themselves to get dudded, I would imagine a share holder vote would be needed to issue the hybrids but it is unusual for voting to occur on conversion, but the ann seems to infer that the vote would occur at conversion ( i agree thats what it looks like).

If they are fixed hybrids (convert at a fixed ratio, from the ANN it looks like it, which is rare) then as the cnp share price increases the cost of buying the hybrids out increases hence if cnp goes great it will cost a fortune to pay out hence leaving no choice but to convert them. Am equity raising if this is the case would be useless as it would dilute exactly the same possibly more as a discount would be needed.

I agree they do not need to be converted at once. i stated in a post before that divi would not occur until after hybrids are gone as any spare cashflow would be better off utilised to retire the hybrids.

Thats my guess, either way they are doing better than OZL, i got stuck holding that dog of a stock just before the halt, they cant seem to do anything

If it is a tradition hybrid(think of it as a bond like instrument) That would be far more benifical to CNP, but the ann is not clear regarding this