Ann: Realm Resources Limited Panel Accepts Undertakings, page-12

They don't like putting it out in plain English do they!!

Yes $1.35 for those who have accepted, a guarantee that any further offer before December 31 will be atleast $1.35 per share.

It remains to be seen how the $1.35 is achieved. It appears T2 only has to put in atleast $1 per share (as per their bid before the Takeovers Panel became involved). It now seems there are a few options as to how the extra $0.35 cents per share will be sourced. It appears the bidder has been given scope to source this from Realm, either by a dividend or capital reduction. This does not seem fair to me. They are buying us out, but it's likely not all of the cash will be coming from the Bidder. I am certain, my own opinion, T2 will be putting in as little of their own money as possible.

It is not my current intention to accept the $1.35 offer. This COULD change if there are a sharp increase in the number of acceptances, or if the independent directors recommend acceptance.
The Bidder will need to lodge a Change in Substantial Holders notice for every additional 1% of shares they get acceptances for.

A number of forum members have stated their fair value of RRP is well above the $1.35.

$1.35 is still well below the independent experts valuation.

As per the announcement, a new Bidders statement is required to be released to the ASX tomorrow. This may have further details on it around how they intend to fund the extra $0.35.

In the days after this we will get a response from the RRP independent directors.

This will be the announcement I will be keen to read. I assume (and hope) they will recommend continued rejection of the $1.35, but I will be keen to see their comments about their proposed way forward (capital raising).

I believe the fair value of RRP currently has gone well beyond what Taurus thought it would be when they first purchased Foxleigh back in August 2016. There are a number of reasons for this.

The contracted Coal price achieved tells the story.
For the September 2016 (when the acquisition was announced) quarter the contract price was USD$75/ton

Since then it has not been below USD$127.50/ton, and has been as high as USD$180/ton.

USD$159/ton for the March quarter (last advise from RRP).

Reserves up
Mine life up
Exploration up
Productivity and efficiency up
Cash at bank up