done deal?are we waiting for 20th september?, page-7

From The Australian on Saturday .....

New Centro could trade on the Australian Securities Exchange from December 1 "if all goes swimmingly", Mr Tsenin said.

However, the company is beset by warring interests, including hedge funds on the CER share register lobbying for a better deal.

The complex corporate rebirthing will see hedge fund lenders to the headstock, CNP, swap debt for equity in New Centro. CNP had negative equity of $1.3bn at June, Mr Tsenin said.

"I would not underestimate the challenges of getting a yes vote," he said.

Mr Tsenin said New Centro would have net tangible assets of $2.50 a share, net equity of about $3.3bn and a $4.4bn portfolio of Australian shopping centres.