Ann: TER: Offer Document - Universal Coal plc, page-26

If this does go ahead, then whilst not ideal, I do review a takeover that occurred relatively recently with another of my holdings. I owned DRM who were bought out by SLR (gold). Most DRM holders (including myself) felt the takeover was too low but it got significant support and ended up over 90% and therefore compulsory acquisition.

The takeover was awesome in hindsight, the share price currently is probably well ahead of where I would expect it to be if it was still DRM. Its a similar story to TER and UNV really. 1 has good prospects but has an expensive mine (I'm looking at the collective here for TER) and the other had very strong margins on their mines. The collective has gone from strength to strength.

If it does go ahead then the above makes me hope that a similar outcome could occur between UNV and TER. I'd prefer a bigger slice of the pie as a UNV holder and believe our assets are worth that.