UNIVERSAL COAL PLC (ASX:UNV) - Ann: TER: Offer Document - Universal Coal plc, page-42 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by mrposhman: ↑

50.5% and we just have a large holder on our hands.

"If at the close of the Offer TerraCom Bidco holds more than 50% but fewer than 75% of all of the UNV Shares in issue, TerraCom Bidco may, during the six month period after the Closing Date, purchase further UNV Shares from UNV Shareholders at prices not exceeding the Offer Consideration and, following the expiry of the six month period after the Closing Date, purchase further UNV Shares from UNV Shareholders at such price as it determines appropriate, and shall not be obligated to make an offer to the remaining UNV Shareholders on the same terms. "

Not sure if you are trying to scare people into just accepting or not, but 50.5% is not that big an issue, not ideal but not a game changer.

Everything changes however when they hit 75% and they have already indicated (and its in all off market takeover offers but I think they will follow through) that UNV will be delisted and anyone left over will find it difficult to sell their shares.

90% and they will be compulsory acquired.

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What are the options for 75%?

honestly if it got to 75% id accept than be straddled in an unlisted company as their just isn't the public accountability and ability to cash out on market. Id only like to leave acceptance till this bevomesbecomes a reality however do they mostly are close the offer and tough luck if you hadn't accepted and it turns out they have 75%?

also how will their ability to buy on market after the offer works. They cant pay more than the offer but does that work off a live TER price as it is pretty ingenuine to base it off their perceived offer value of 32.5c or whatever it was based off their 39c vwap? This would allow them to buy on market up to 32.5 c which doesnt seem right.

id encourage anyone fighting to keep this profitable company to keep your shares off the market anyway for now. They cant buy if no one is selling (Hopefully)

i agree. Id merge if we wwre getting an equal merger of deals. The deal does not recognise the greater value than what we are receiving in equity. Anyone not blind can see that. Again the holders who have voted to sell presumably have a much better offer we arent aware of otherwise why sell it at lower.