News: UNV Universal Coal Responds To Terracom Announcement, page-21

I think the I in the EBITDA is the issue for me with TER.

TERs interest costs were around 75 million last year. They are continuing to borrow so that will be worse this year without them reducing debt.

TER's profit was -11 million compared to UNVs 38 million in attributable profit. That to me is 128% UNV to -28% TER.

If you want to look at NTA UNV has 130 million in NTAs whilst TER has 36 million in NTA. That's 81% UNV to 19% TER.

In the deal we are exchanging around 195 million in total equity for 52 million in cash and 86 million in equity in the combined group.

We'd need our TER stake to go from 86 million to 143 million in equity for our equity stake to break even.

That's a 66% return on equity just to break even from an equity stand point.