Ann: TER: Offer Document - Universal Coal plc, page-36

I'm not sure that would be the case. I think the derisking of DRM from a one mine operation has certainly helped.

I don't see the same scenario with UNV who are already diversified. Its TER that lacks the diversification and are trying to gain it on the cheap.

I'd actually be for the merger IF we were getting a larger share of the merged entity as I believe the 2 companies will succeed and probably generate a good return. I just think we as UNV holders should have a larger slice of that pie than what we will if the takeover goes ahead.