Ann: TER: Response to UNV, page-22

So should your TER 6 month report sober you up but I doubt you'll acknowledge it. You seem to now have too much too lose to be reasonably unbiased - different to where you started out when things all seemed to be going TER's way.

However you want to cut it TER have so much to pay in current liabilities and debt that if TER don't get UNV and coal prices remain where they are TER are history. The rest is spin.