Ann: Response to Terracom's Announcement of an Unsolicited Bid, page-26

Well you never know what people do in the confines of their office rooms.

Brasidas have given TER an irrevocable assurance to sell their stake at the price offered.

Once TER gets past 50% they could do some very unattractive stuff to UNV - sorry not trying to scare just pointing it out. Including cancelling dividend and loaning TER money to reduce their debt at dirt poor interest rates. They will have 4 seats in the board including the chair. everything will pass in the shareholders meeting...

This is a very well thought out well timed raid