Ann: TER: Non Binding Indicative Intention, page-82

Well, i'm no expert on laws pertaining to public companies, but i would take a guess that

- if TER takes the company private, then issues of independent directors isn't a concern as they can appoint whoever they like. This assumes it's not a public company anymore
- if UNV stays a listed public company, then there has to be independent directors, irrespective of how many they remove
- if TER delists the company from the ASX and it is an unlisted public company, then it would be the same as option 2.

But again, i'm no expert in this stuff, especially considering it's a UK company