The Australian did not put the CNP situation in a favourable light. It highlighted that there were no serious offers for the wholesale funds, staff retention issues and the April payment falling due next week.
Can't see how we are better of now than before this news over the weekend - I think shareholders are much worse off.
CNP have confirmed than none of the offers were suitable to persue. So, it is back to the drawing board for the recapitalisation process.
CNP have still not negotiated the extension, leaving just 7 working days to settle that (if the extension was done, Ruffalo would have been forced to have already announced this to the market - so it is not a done deal).
CNP have admitted that should the extension not occur, other debts would be triggered and CNP would have to enter into administration. From there, would be looking at a liquidator sale with shareholders left with nothing.
So - where is the upside people? Why will the share price run on Monday? The Dow and general ASX mood is not affecting this stock at the moment - it is its own beast. So the strong result on the Dow wont help.
I see big potential for investors getting spooked from what has been written on the weekend and dumping the stock.... With prices to fall into the 30's.
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