tuesday bridge club, page-7

I promised to get something out later, but to be honest I am struggling with what more to say, other than:

We are obviously missing some details, especially around the hybrid securities, such as whether they can convert at any point or only after 7 years.

The capitalising of the interest will provide some short term relief on interest payments, but it's not a great long term solution.

The issue of 14.9% of additional CNP securities, has been done to circumvent the 15% rule (ASX listing rule 7.1) whereby shareholders need to provide approval. The more I think about this, the less happy I am as the shares are being issued to AU lenders and US note holders as payment of outstanding fees.

Anyway, I'm off for some shut-eye. Tomorrow will be an action-packed, exciting day and it will be interesting to see how this plays out over the coming weeks.