UNIVERSAL COAL PLC (ASX:UNV) - Ann: TER: Offer Document - Universal Coal plc, 42941703, page-43 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by SaberX: ↑

What are the options for 75%?

honestly if it got to 75% id accept than be straddled in an unlisted company as their just isn't the public accountability and ability to cash out on market. Id only like to leave acceptance till this bevomesbecomes a reality however do they mostly are close the offer and tough luck if you hadn't accepted and it turns out they have 75%?

also how will their ability to buy on market after the offer works. They cant pay more than the offer but does that work off a live TER price as it is pretty ingenuine to base it off their perceived offer value of 32.5c or whatever it was based off their 39c vwap? This would allow them to buy on market up to 32.5 c which doesnt seem right.

id encourage anyone fighting to keep this profitable company to keep your shares off the market anyway for now. They cant buy if no one is selling (Hopefully)

i agree. Id merge if we wwre getting an equal merger of deals. The deal does not recognise the greater value than what we are receiving in equity. Anyone not blind can see that. Again the holders who have voted to sell presumably have a much better offer we arent aware of otherwise why sell it at lower.

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It depends, the provisions for the ASX takeover code allow for a buyer to keep the offer open for a further 2 weeks (I think) in the event they hit 75% but not 90% at the timing of the offer closing. Ie. essentially letting holders who weren't sure whether to sell the chance to get out now that it is pretty certain that the company will be delisted.

Now, they have stated that neither the UK takeover code or the ASX one are followed here (which btw I find very strange, you'd think that at least 1 would be valid - and in this case I'd think the ASX due to their responsibility to protect shareholders) so whether this provision is allowed to occur should they hit 75% I don't know.

Personally, I'm waiting for the IER and the Independent directors recommendation. In my opinion, if they recommend the offer it means they know that they have the votes already and stating to block it will not do any good either. I don't believe they can recommend this based on its merits, so if they do, then they already know its a done deal.