Had quite a lengthy and enjoyable converation with neil this morning.
Although he didn't actually say anything there were a lot of implications that may only be a product of my mind, but maybe worth sharing.
He does not expect a reply from KWG until after the market closes tomorrow, so no official word until thurs AM at the earliest.
He fully expects to have to do 2 more updates to their position regarding CLF before we have to vote for or against the amalgamation.
He wears 2 hats; one as the head of this company, in that he has a duty to do what is best for it, whether he likes it or not. He has what he calls the best legal advisors, as well as the best market people trying to assist him in doing the above. At the end of the day, he has to go along with them, and if CLF has the best offer, the board has the duty of recommending it.
However, he is also a shareholder, same as the rest of us, and still sees the amalgamation as the best option to date. Even if the best offer is from CLF, the vote will still happen on the 8th July, and you can bet he will personnaly be voting for it.
There is nothing in the way of the vote slated for July 8. CLF has made an offer for shares that is good until the 6th July. If they can somehow show control of better than 33%, the vote will then become pointless, but to date there is little to suggest they will be successful. If they do not succeed, you can bet they will be quick with a better offer right at the last moment to sway voters away from the amalgamation.
Joe Dwek is probably his greatest supporter at the moment. SPQ is the best performing stock in his portfolio, and he is totally in favor of holding out for the amalgamation.
He still sees .25 as a very lowball figure, but laughs as he says it. all in all he seems very comfortable where he is, and seems to be emanating a cheshire cat sort of image.
Gotta luv it
Best regards
K
P.S. I reiterate; the above may only be products of an overactive senior mind. None of it can be attributed to actual statements made by Neil
