Ann: TER: Offer Document - Universal Coal plc, page-25

I agree, its hardly anywhere near a fair deal and its hardly like we were stuck between a rock and a hard place with a dud. Sure we haven't garnered a great deal of capital growth recently, but the 2c dividends helps to offset that.

There still seems something very fishy about the Brasidas / Terracom link.

Brasidas buy in (completing their acquisition in May) at somewhere around 32c (most at 31.5c but were buying at higher than that for over 6 months). No comments from them about wanting board seats and no known issue with John Hopkins.

Terracom buy their stake in October. Within 3 days of each other, both Brasidas and Terracom requisition requests to have 2 board seats each. Brasidas also request the removal of John Hopkins. Brasidas requisition was not valid.

13th December, UNV appoints 2 representatives for Brasidas to the board, and ask them to remove their request to boot John Hopkins which they agree to.

27th December, Terracom requests a GM to remove John Hopkins.

If they are now communicating (and therefore potentialy treated as a collective - and I need to review ASX takeover provisions) it seems they may have been working in tandem with each other, especially being as they are now effectively selling their stake at a loss.

FYI - We are not covered the UK takeover code. I've reviewed it and we don't qualify being both non-operating in the UK and non-trading on a UK stock market.