Hello Keep Digging,
Well put. Just a few comments to add:
- The last time the "Special Share" (1 for 50) Proposal passed a simple majority, but did not pass the 2/3 requirement due to CLF voted Nay with all its ~121M shares which account for only about 17% OS, but due to the low turn out (say 50%, I don't remember the exact number) 17% became 34% of the actual votes. Of course, there were others who voted Nay to the proposal as well. So, it's very important to cast your vote if you support Frank's proposal. I voted Yea, and will do the same this time. Frank must have something in mind when he proposed this.
- Yes, I checked page 3 and found his control of 10.3M shares (or 1.33%OS) plus wts and options?
I also found that CLF now has 111.7M shares (rather than 121M, my memory could be faulty though) or 14.37% (the booklet, page 3, says 14.84%, approximately the same, but it would be safer to assume the higher % just in case we have a low vote turn-out. At 50% 14.84% could become 29.68%, which is just too close, to the 1/3, for comfort).
- Btw, KSU (KWG Shareholders United) has over 10%OS, but it was back then, about 2 years ago?
- Wts and Opts account for a huge chunk (150 M wts and 66 M opts) of votes if exercised. This would bring down CLF % considerably, e.g. 111.7M/994M = 11.3% (at 50% vote turnout this would become 22.3%, better margin)
- All worries above would go away if CLF voted Yea, for some unknown reasons. And that would be something. Do we want to know the reasons. Nah!
There you have it folks.
goldhunter
PS: Tonight I will log in www.investorvote.com and vote Yea with all shares under my control.
