Ann: TER: Offer Document - Universal Coal plc, page-37

I'm an amateur investor. To be honest I've mostly invested in ETFs. I did some research and UNV looked like a really good company so I decided to invest.

The thing I don't understand is why professional investors are so willing to exchange more for less. I get they might want to cash out to buy another investment but this isn't a full cash offer and they'd need to be willing to sacrifice the same amount of equity they'd be getting in cash.

I.e. they gain 50 million in cash but lose 50 million in equity on the share swap.

If it goes through maybe I do want to be TER shareholder because if this is the kind of deal they can get done maybe I want to be on their team.