News: UNV Universal Coal Responds To Terracom Announcement, page-8

delisting from the ASX is with the ASX Listing rules, it isn't regulated by Au or UK corps law. TER have acknowledged in their offer document (pretty standard) they will delist UNV if they get over 75% but not 90%. It is an idle "threat" that every bidder has in their offer document.

Take a gander at guidance Note 33 and go down to 2.10. https://www.asx.com.au/documents/rules/gn33_removal_of_entities.pdf

The compulsory acquisition threshold of 90% is in both Australian and UK Corporations law (UNV is incorporated in UK, so Corps law doesnt apply). Additionally TER have acknowledged this threshold in there offer document



You are right, you don't ever want to be a minority shareholder in any company.