who has the better deal, page-9

One thing to bear in mind when discussing profits and possible dividend is cash flow. There is alot of talk about asset devaluation, remember that is only a book entry. It can actually help the situation. It can reduce the profit amount but the cash is still there and if this cash is used to reduce debt then the debt can be reduced without having to pay tax on retained profits before the payments are made.

Cash flow is the most important factor and the cash flow for CER may not be reduced to any great extent.

This is one more advantage that CER has over CNP as I see the situation. The SP of CER has room for a great increase as people realise the advantages it has obtained over CNP with the new financial arrangements.