devil in the detail of centro proposal...afr, page-3

CER has the opportunity to gain instead of loose NTA in this transaction.
(not much is being said of the potential huge dilution to CER holders through the legal battle thru 'CATS'..this could be upto another 6-10c lost)

The board don't want to go down the negotiating path because they've been told to follow the CNP line and push for amalgamation.Lets not forget,'CER HAS THE UPPER HAND FOLKS'

CER holders have NOT been told that the Hedge Fund owners of CNP have more to loose if they liquidate CNP,(eg;services business would be worth zero $ in administration)
...so already CER has a $200mil negotiating starting point,and that is without getting into the reduced values in liquidation VS higher values in a amalgamated low LVR properly managed REIT.

The Board should be stating that if the Hedge Funds won't come to the party then CNP should be tipped into liquidation, and at least call their bluff..

This all should have started before the CER board agreed to any pre-pack administration of CNP assets to the Hedge funds.(after all CER is co-owner of the assets) Because of this closed door agreement CER are put in a lesser stance.. real good job!!