Only returned today to read CNP ASX announcement of 16/12/2008....

Only returned today to read CNP ASX announcement of 16/12/2008. Many CNP shareholders seem to be happy with the result, but time may change their view when they read the ASX announcement & learn to fully understand the consequences of the announcement.
Let me quote:"If converted in full the Hybrid Securities would constitute in aggregate with the 14.9% of stapled securities referred to above, 90.1% of the post - conversion (fully diluted) ordinary stapled securities at Centro."
The announcement was as I have previously repeated posted on HC, that it could be a 90% dilution for existing shareholders.
Yesterday's announcement was very cunningly worded to leave out the conversion price & attempt to brush over what has happened to shareholders ownership of assets i.e. they have been effectively diluted 90% assuming full conversion of all hybrid securities. May be worth running your numbers on CNP net assets per share assuming 90% dilution to see what you really have?
Gradually shareholders will wake up to what has happened to their equity in this company.
Can't see how any shareholder could be excited about this announcement unless they believed the company was going into voluntary administration & this has been averted, but if this was the case why were they still holders on 15/12/2008.
As previously stated many times on HC, the lenders will effectively own CNP great assets & reap all the upside.
Regards
Buffett