Ann: CER equity hedge update , page-17

If, and it is a big if, there is dilution occuring it will affect CNP much more than it will affect CER. The first capital infusion will probably be used to retire Superllc debt. In that event this will be of considerable financial for CER. Another debt that is pressing is the debt that is subject to the debt for equity swap between the banks and CNP. Once again that will have no dilution effect whatsoever on CER.

In the event that CER raises capital to repay a loan it will create some dilution but that will be offset by reduced charges and interest to a great extent.

So when you think Centro dilution make sure that the dilution under consideration actually will dilute CER. DYOR.