Everyone is asking about effective dates of the merger, whether their newly purchased shares will be votable, how much the next offer will be, etc, but let's just back up for a moment.
CLF has announced that they intend to make an offer of .13. They haven't done it yet.
KWG/SPQ has announced that they intend to merge and spin off DD to present KWG holders.
The key word here is "intend".
Both of the above so far are just posturing. Neither one has done anything.
If CLF proceeds without having the BOD's approval on their offer they will trigger the SRP, so that is a no go from the start.
If KWG/SPQ proceed with the amalgamation, it is going to cost a fair bit of cash, but it will also ensure a bit of protection from a lowball bid from CLF.
While both sides are making public statements applauding their opposing positions, you can be sure that they are right now sitting across a table discussing their separate positions.
The next important announcement will be that CLF is making an offer of XX cents per share and it has the support of both BOD's. If and when this happens, Both BOD's wll announce cancellation of their plans to amalgamate, and at that time they will announce a time frame for a special SH meeting, as well as an effective date for voting rights, so anyone buying or selling at the present time will have the appropriate rights at this meeting.
The other alternative is that they will be unable to come to a deal, and the amalgamation will proceed, with a special meeting scheduled for SPQ SH's to vote. The effective date for this vote will be announced at that time. Once this voting is complete, and if they get the ok from it, they will announce an effective date to complete, and that date should coincide with a distribution of DD shares.
best regards
K
