Universal Coal (ASX:UNV) has started proceedings in the High Court of Justice of England and Wales in light of the unsolicited offer made by a wholly owned subsidiary of TerraComTCIG Resources.
They were seeking a determination that certain conditions be satisfied.
The Bid Committee’s preference would be for a change of control transaction to be proposed which achieves improved outcomes for all shareholders.
However, in the circumstances presented by the Unsolicited Bid, the Bid Committee has determined that the interests of the body of shareholders as a whole are best served through commencing and prosecuting the Litigation.
Shares in Universal Coal (ASX:UNV) closed 4.6 per cent lower at 21 cents yesterday.