News: UNV Universal Coal Responds To Terracom Announcement, page-18

Please point to these so called news letters terrier?

One thing for sure is the macro picture dosen't lie. Reference here is Bloomberg. Fact is over the last 5 years there has been a high correlation between UNV & TER's share price performance. Equally Richards bay and Newcastle Thermal coal price has also traded in line. Thermal coal is on the nose as is everything else at the moment but when cycle recovers, you will have stronger leverage to the upside with Australian assets rather than just holding South African assets.
Both companies are producing and going off last years Financials, EBITDA contribution was A$145m, split A$94m TER, A$51m UNV (Attributable). 65% TER/ 35% UNV. Deal looks more like 51%TER/ 49% UNV based on the A$0.10/sh cash and 0.6026 shares offered regardless of weather share price is going down or not.