Ann: TER: Offer for Universal Coal Plc, page-35

"It’s in the best interest of holders to accept this offer. Understand that it is frustrating for sure but you are getting ter shares so future upside is factored in."

If you were a shareholder in UNV would you consider it best interests to accept the offer ?
As a barometer of company health We are getting great dividends and dividend growth with UNV , where as with TER the dividend is tiny so how does it make TER acceptance in our best interest?

Hopefully the independent directors determine to issue shareholders a separate 10 cent dividend before acceptance of the TER offer I would go along with that given I will be foregoing the great UNV dividends going forward due to an effective dilution of shares resulting in decretion rather than accretion of earnings per share as would happen in a synergistic deal .

While on the balance sheet the recoded UNV shares lose book value value due to TER carrying a high EV - deal does look good for TER shareholders for exactly the opposite reasons of earnings and book value above !