Ann: TER: Offer Document - Universal Coal plc, page-20

I suspect the large holders who have agreed to sell have intel that the small retail holders dont.
Although TER did not approach the UNV board it is clear they were in direct contact with your large shareholders and they presented a proposal that they liked. It will be interesting to see how the second tier (10m-3m) holders vote.
If they get +50.5% of acceptance, then what?
To be a fly on the wall would have been nice.