News: UNV Universal Coal Responds To Terracom Announcement, page-30

Lets not forget cash,
TER
EV = Market cap + Debt - Cash
= 120 + 246 - 67
EV = 299

UNV
= 100 + 16 - 9
EV = 107

Combined = 299 + 107 = 406 74% TER / 26% UNV

Its a bit difficult to compare balance sheets when UNV's Assets and Liabilities are on a consolidated basis, ie: includes the BEE partners share.
Assuming all assets are owned on a 49.9% basis, then the Total Assets are ($385m - Intangibles $57.5m x 0.499) = $164m and Liabilities are ($193m x 0.499) = $96m
so NTA $67.9m.

TER NTA = $65.2m
Total 133.1m
49% TER / 51% UNV