Ann: TER: Offer Document - Universal Coal plc, page-23

that's the piece i'm missing. Why on earth brasidas and others would sell at less than $0.28? It makes no sense? Sure it may lower your average of buying in higher, but it seems stupid to me. If they end up with UNV - what next? Surely they can't get preferential treatment or a side deal, being ASX listed, so what are they going to get out of this?

I find this all highly hypocritical - a signoff from Brasidas appointed chairman of taking no action, TER implying an offer price based on non-existant "Historical" share price averages (on that basis UNV has a 24 month weighted average much higher - and I will roll with that), TER announcing they are saving us destitute holders from prior failed corporate action through a low ball corporate action and further complicating our merrily chugging along business.

If anything this offer angers me the most. All the previous ones presented their offer and that was it. Here we have TER with some 'crafty' undertakings with these other holders constituting 47.3% - and communications which come as a further backhand to the face. I have no idea how they keep a straight face.

Even TER holders have to be kidding themselves if they can objectively review this transaction and agree that this is in the best interests of UNV holders - because clearly it isn't. It is a sure win for TER if they pull it off, and that's where I take objection. Normally there is something on the table for the other side.