Dogbert:
This is the statement on Laurel Hill found in Spider Resource's June 30 NR (and others):
"In addition, Laurel Hill Advisory Group continues to be available to take shareholders’ questions in relation to the potential merger or acquisition of Spider."
You write:
They say there is no immediate action required because the CLF offer is on the table and KWG has till the 6th to respond.
You find words to this effect on the documents sent to you asking you to tender your shares to Cliffs. SPQ Management clearly states on these documents NOT to tender, and to do so, just ignore the package and the no action is required.
They also say that if you want to vote to go ahead.
Is this statement related to the voting of shares in conjunction with the Special General Meeting and the amalgamation? Seems like a rather neutral response. Clearly it's the shareholder's responsibility to choose whether and when to vote. Laurel Hill can not influence the vote - just answer questions.
Wouldn't be in SPQ's best interest to get a good read on the shareholder by moving forward with the vote?
In my phone calls to Laurel Hill, they seem well aware of what's on the minds of SPQ shareholders, and they are constantly talking with Neil Novak and other Board members. Neil knows the "retail shareholder's mindset". That's why he's playing the game so tough.
Is SPQ mainly playing for them selves here by dangling the merger in front of CLF's nose trying to coax a better offer? But then doesn't that leave KWG in a poor spot?
Answer to your first question: YES. Neil Novak is playing the game for Spider Resources' shareholders. Not Cliffs'. Not KWG's. Answer to your second question: YES, perhaps. But KWG has its own cards, and its own strategy. Frank Smeenk invited Cliffs to participate in the ROF. He needs to deal with the repercussions today of that deal. Part of his strategy has been the potential "amalgamation" of KWG and SPQ.
Would it not be better for them to say.. "yes we are waiting to see how KWG responds...
Spider Resources has said just that - we're waiting for KWG to respond.
To be told... "well whatever" just makes me wonder what the real game is here.
From reading your previous posts, which have been very good, I think you know what the game is, i.e., don't sell or tender your shares AND vote for amalgamation.
Reality is, however, (using the ongoing baseball metaphor) that the nineth inning on July 6, 2010 will see another offer from Cliffs, and all of the previous strategizing will go out the window.
And it's likely we'll see "extra innings". IMHO
Snug
