A minor correction, sir. The 4% from the Board and officers that has not yet been counted represents the warrants and options being paid out as if they were common shares.
"Not included in the Common Shares taken up are approximately 26.9 million Common Shares underlying outstanding warrants and options held by Spider's directors and officers. Spider's directors and officers will tender these Common Shares, which represent approximately 4.1% of the fully-diluted Common Shares, prior to July 16, 2010. "
Although it's not related to the above concept, I also want to point out that some posters were mistaken yesterday, thinking that the 40 million shares traded represented shares going to Cliffs. That could not have been the case, as shares traded yesterday could not have been tendered to the offer. A tendered share is frozen. Those buying yesterday, I would presume, were assuming Cliffs would extend the offer, and going for that relatively small arbitrage premium. They also might have been speculating that Cliffs would slightly increase the offer going forward, increasing the arbitrage payout proportionally.
Lar
