some random thoughts

First of all, Swap and defabstar have had hearts in the past, and I wish you could all add them to your favourite so they can get their hearts back. Swap in particular have really great posts, really urge those new to cer to check them out

In no particular order:
- As swapped mention, orbis selling was not really selling at all. ASX rules states 1% change in holding must be disclosed, that is approx 23 mill shares in cer. Orbis changed 25 mill. Quote from swap "As you will also see on closer inspection, the 7.7m share reduction for SMAU (the Australian Super Fund) was due, in part, to a termination of association in April (it looks like Orbis were no longer being asked to manage the fund and therefore were not required to include the holding in their relevant interest). It is likely that ownership of the CER shares just moved from Orbis to SMAU."

- From the annual report to share holders "Moving forward we will continue by addressing
capital stability, lowering our leverage and achieving a
sustainable distribution policy."

- "In summary, we reduced our debt by $498.6 million and met
all of our debt covenants." Interesting here is at the worst of the crisis, they managed to reduced half a billion of debt without too much cost in equity and no debt convenants were breached.

- The loan to value ratio is currently at 76.8% which is high, but a little writeup can change that number significantly. I believe there will be a small write up next valuation

-Already mentioned by important, cash flow from CSF facility

-For the nervous holders, look at volume before consider selling