Ann: Substantial Interest Acquired in Universal Coal Plc, page-14

UNW issued a 1c dividend with lower earning than TER. Ter has a lot of arsenal up their sleeve.

they also issued the shares to UNW on the 30th - so no dividend for them but TEr get the divvy in December when UNW issues it -

I doubt TER purchased the interest in UNW to teleport their intention of acquisition to the market. It will be interesting to see how it happens but i'll wager that whenever it would happen TER would issue scrip to UNW holders. It would at the early stages of coal price recovery is my guess. It would allow the UNW shareholders to participate in the future gains on TER.

TER is a long term hold and now I'm very happy with the condition of the company. Single mine risk has reduced.

If I've learnt anything in all these years in the market - always back management with proven track record. Leopard dont change their spots - in our case in a good way.