centro ultimatum..full article from afr, page-20

The key to the whole aggregation issue, i believe is the rights of the hybrids bondholders vs shareholder in CNP. By setting money aside for CNP security holders, the board is defeating the hybrid holders rights under the law. However, they need to do it in order to get the security holder to vote for the plan.

I dont think this issue can be resolved at all and it is more than likely that CNP will go into administration.

CNP securityholders will then get nothing under a wound up as they rank last in their security.

Due to the complex cross holdings and loan structure, when CNP goes into administration, the whole group (including CER) will have to go into administration.

CER security holder will not lose everything but their investment will be "locked" in a non-tradeable format for potentially years until the administrators can unwind everything.