Ann: TER: Non Binding Indicative Intention, page-79

I don't deny that TER will fail to achieve 75 % mph. My concerns were more of 'what now'. say they land worst case 65%... extracting value hinges on the court case - which as much as what your saying sounds true to me, I am no legal expert so I cannot assume we will win. But that aside, if we do not win the downside I see is that the on market buying will be more likely in the bidder's favour, either a lack of public interest or if TER do not buy then there is no exit option, and if dividends cease for the next yr or two then that income stream does too?

Am I right in concluding that your thoughts rest with the court challenge being on strong grounds to succeed? Or are you and your circle at peace with if it fails what comes next?

@Sirro - for most... but i suppose some such as myself are on the wall as I am sure no UNV holder "likes" this deal. It is only which is the lesser evil at this stage. If they succeed legally then that would be the best case scenario, but again I have no answers from anyone on how with the court challenge, even if it is successful (and gets challenged) how then will the motion to remove the independent directors in may be defended? I presume TER are allowed to vote their 60%? thereby we would lose the independents, and the ability to continue acting in our best interests to fight this? In that case - where do people see where we stand? As no one seems to have commented on this?