Spider Resources

BaBe... clear something up for me please. From the notice of the proposed amalgamation it states. "The Amalgamation requires the approval of a majority of not less than two-thirds of the votes cast in respect of the resolution to approve the Amalgamation" Am I correct in saying:

• only 2/3 of shares voted 'yes' needed for the merger (not total outstanding)

• shares tendered to Cliff's offer are not allowed to vote at the meeting

• Cliffs wants those shareholders who have tendered shares to submit a special Yellow Proxy allowing them to vote those 'tendered' shares against the merger.

What amazes me most is that Cliff's is not even offering a guaranteed price to those who do tender. They might think they'll get .165 but may only get .13 and even then only if certain conditions are met. In the meantime your shares are tied up in the red tape.

SRV