'But CNP own 51% of CER'That is only part of the picture. CNP is...

'But CNP own 51% of CER'

That is only part of the picture. CNP is the owner of 51% of the shares in CER ,, BUT. Who now has control of CNP. Who really has control of that 51%. The lenders that carry the NTA are not going to let the directors of CNP have the final say. Those lenders have one main asset that is backing the CNP debt. That asset is shares in CER. They are in a position to convert debt to equity or to put CNP into admenistration. They will do what is best for them not for CNP directors. I see their best move would be to take the CER shareholding.

Bear in mind that those same lenders also have some shareholding in CER and they will want the value there held as high as possible.

The centro group is a tangled web that will take some unwinding. I believe that in the end that there will still be good value for CER holders. If I had CNP I would worried.