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16.0¢ universal coal plc

Ann: TER: Non Binding Indicative Intention, page-80

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skoonzy

457 Posts.

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23/03/20

08:55

Post #: 43639365
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Originally posted by SaberX: ↑

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?

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I think you pretty much summed up my thoughts. Without COVID-19 I was a hard no but the uncertainty was still a bit shit.

With COVID-19 stock prices I decided to see what I could do with the 10 cents now and what I could either get for TER now if the sell price could hold up or hold in the hope they did somehow manage to survive and thrive with some exposure to UNV.

I still think the deal stinks and sucks for UNV holders but I think I can somehow salvage this mess with more certainty than waiting for the post takeover and court case.

UNV Price at posting: 13.5¢ Sentiment: Buy Disclosure: Held
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