Ann: Dividend Declaration, page-155

A good analysis. Even assuming your numbers are +/- correct , which is a possibility, why would shareholders vote to sell?
The discount to a likely bid level is very large ( otherwise the bidder won't take the risk of long term ownership with limited life and environmental concerns) ...Better to just hold the shares and take the quarterly dividends for the next eight years or so. And they could be fully franked.
We all know the downside- move to renewables etc . But even so, it's a risk well worth taking,as there will be many countries still needing quality coal .
I am content to hold TER as a quarterly high income investment.