Ann: TER: Offer Document - Universal Coal plc, page-24

50.5% and we just have a large holder on our hands.

"If at the close of the Offer TerraCom Bidco holds more than 50% but fewer than 75% of all of the UNV Shares in issue, TerraCom Bidco may, during the six month period after the Closing Date, purchase further UNV Shares from UNV Shareholders at prices not exceeding the Offer Consideration and, following the expiry of the six month period after the Closing Date, purchase further UNV Shares from UNV Shareholders at such price as it determines appropriate, and shall not be obligated to make an offer to the remaining UNV Shareholders on the same terms. "

Not sure if you are trying to scare people into just accepting or not, but 50.5% is not that big an issue, not ideal but not a game changer.

Everything changes however when they hit 75% and they have already indicated (and its in all off market takeover offers but I think they will follow through) that UNV will be delisted and anyone left over will find it difficult to sell their shares.

90% and they will be compulsory acquired.