The facts as we know:- binding offer at 35c;- ATA probably feel...

The facts as we know:

- binding offer at 35c;

- ATA probably feel pretty good having an irrevocable from both AMED and Ichor;

- is a big consolidation play with new Wescoal also joining;

- offer needs a Scheme to facilitate asset consolidation and funding package;

- I would not assume Tony and independents will support bid at 35c

Presto is right the lack of support for UNV has created opportunity and whatever the price from here it will be cheap. The opportunity presented via a scheme to 'us' retail shareholders is they need 50% of those voting to be in favour. If 'us' retail shareholders can organise ourselves, we can either force a higher price or vote the Scheme down. With Wescoal joining a few more cents should be doable particularly given current cash and future cashflows over next 3 months prior to any potential deal.

I think we need to be realistic about outcome:

- Can ATA pay more than 35c: YES

- Will IER but well above 35c: YES

- What is a realistic outcome: Probably 40c (could it be 50c plus in 12 months - sure but 40c probably reasonable (if not fair)

Let's not grumble about things. Tony has done a great job and he cares about shareholders. The lack of interest by market means likely takeover will happen - our challenge is to get that number starting with a '4' or tell the bidder to 'take a hike'.

Good weekend to all. I need a big glass of red wine.....