what to look for in the announcement, page-14

Swap,
You are one of the very few on CNP thread worth reading.
Personally, believe the risk/reward situation will be much better if & when extension completed. The previous extension saw the share price up for a few days before it halved, so I am not convinced there is a huge spike coming on a possible refinance when the consequences of non extension of finance would surely see the stock half in price very quickly. Your comments about daytraders very relevant, who do they intend selling the stock too? Doubt we will see any insto buying before a lot more boxes are ticked. If as you mentioned CNP dropped from ASX 200 I would expect some more insto selling & the share price to fall further.
I argued strongly with posters on this thread about the previuos half year result & the subsequent write downs that occurred in CNP accounts, while its not hard to work out there will be more writedowns in the next set of accounts.
If CER price is below 31/12/2007 price at next reporting period expect some write downs. From memory believe CER was around $1 so if less at next reporting period expect the write downs. Whilst these are only paper or book entries the local press had a field day with the last ones so expecting much the same response.
In summary your post mentions 3 risks apart from the big one of refinancing, namely:
1. Dropping out of ASX 200.
2. Lack of Insto buyers.
3. Possibility of further write downs
I will stick to my fertilizer & iron ore plays a little longer in the light of the above factors. But watch with interest, for another opportunity if conditions change.
Regards
Buffett
PS: No investment advice given on CNP please do your own research as this is an extremely speculative share.