Strong Rebuttal. Pretty much reiterates what we all thought in...

Strong Rebuttal. Pretty much reiterates what we all thought in one form or another.

The issues being: low premium - trying to compare us to a higher implied value based off a non-existential share price from 6 months back, low liquidity currently: again another risk of receiving much lower price assuming you want to cash out. If you didn't want to cash out then you could just buy TER shares all this time anyway.

the other: lower consideration that coal dev holdings received, again a sticking point and the issue of the UK takeover provisions alluded to previously "i believe", but cannot confirm. As they pointed out only 4, non-independent shareholders with a history of selling us short wanting out.

Significant debt - i don't see us swapping for a much more finely tuned company's shares - why would we want to be TER holders again?

Again - this provides upside to TER shareholders and most areas. The deloitte report, if TER dare to lodge a formal offer document, will clearly show the same points. Why are we even wasting time on this? Why are TER wasting their time on this?

Either they are costing themselves and other shareholders advisor fees, or they are going to end up increasing their cash bid. Utter farce.