Well, it depends how organised they are.In theory we should get...

Well, it depends how organised they are.

In theory we should get all of the announcements pre-open, say around 9:30. There will be no need for a TH if this happens. We'll have some time to digest the info and all hell will break loose at 10:00 when the market opens.

There is a chance we will get the details after open, in which case there will be a TH, a release and then about 10 mins before it re-opens and all hell breaks loose.

I'm guessing they will be doing the web cast at 10:30, but it's not been announced whether CER and CNP will be done in the same session or not.

There will probably be two phases of trade - the first is the initial reaction to the headline numbers when they are released. The second will probably take place during the web cast when the company talks through the numbers and hopefully puts some more colour on what on earth has been going on behind the scenes for the past 6 months.

The SP could go:

1. Down on headlines then up on details. A sort of knee jerk sell, then a realisation that everything is OK during the web cast.

2. Down on headlines, down further on details. Knee jerk sell at open then realisation that things really are bad during the web cast.

3. Up on headlines, up further on details. Things aren't as bad as the market thought and get better as the company talks us through it.

4. Up on headlines, then down on details. This would suggest the market thinks things are OK, but the company convinces us they aren't.

Take your pick...