"The first thing you might want to research is Section 190 of the Canadian Business Corporations Act, it will tell you what you have to do and when. The next thing to do, if you want to go this route is to get your shares registered in your name (not your Broker's name, or CDS). Part of the process you will go through will involve you sending your shares to Spider to have them stamped as Dissent Shares, so you might actually want to take possession of your shares. There is a risk ( a very very slight risk IMHO ) that the court may decide that Fair Value is less than 19 cents so if you dissent you may get less than 19 cents for your shares. I believe KWG believes SPQ shares have a Fair Value of 24 to 30 cents. My best Guesstimate is 21 to 25 cents. Do you want to wait several more months for as little as 2 cents more per share up to maybe 11 or more cents per share"
Here you will not get 'legal expertise' because a forum of discussion is not the place to seek that. But Il'll give you some personal toughts, which are only my opinion, regarding only myself, and I warn you that I can be wrong. Seek legal advice from a face-to-face attorney before taking any decision. NEVER RELY ON WHAT YOU READ IN DISCUSSIONS BOARDS. Clear? OK.
Just google that section 190 CBC Act, it's an easy read you'll see by yourself. Section 190 CBC Act will apply only if a specific special resolution is submitted to a shareholders meeting (example: amalgamation like the one recently proposed by Spider). No shareholders resolution mau be passed unless at a meeting duly called. So you will be advised at least 21 days in advance. Disclosure documents will be sent to you with the Notice of special meeting, so read them, call your broker or attorney if you don't understand them, check or fill the right spaces, sign and mail. I guess you did that dozen of times with your holdings in the past.
Regarding registration identification, I don't know for that part, so I will check with my broker on Monday. But I am quite sure that I will be noticed of anything to happen regarding my shares days well before deadlines, a publicly traded corporation cannot do anything regarding shareholders rights without noticing them in the proper way. We have one of the best securities protection system in the world. They may seem slurred at times, but when the regulations are not followed by the letter, they can be unmerciful and real pain-in-the-neck for the offenders! Cliffs has the best lawyers available, so be sure that they will not screw the system.
To further secure you, ask yourself how many trees have been used to produce the pile of documents you did receive from Cliffs and Spider since the last few weeks... Maybe half of Mont-Royal Park! But THE THING IS THAT YOU HAVE TO GIVE A MINIMAL LOOK TO WHAT'S INSIDE BEFORE TROWING THE WHOLE BATCH TO THE GREEN BOX! If one is not prepared to do the minimal reading (my mother isn't so), then you'd be better by tendering your shares and get the cold money now!
And I repeat: if you stay in the boat, take a deep breath, fasten your seat belt, and read pages 43-45 of the May 31st Cliffs Takeover Circular before take-off! And don't forget to bring a copy of the 2 KWG valuations for night reading... and perhaps a bottle of valiums! But the ride may be exciting!
GLTA.
BaBe.
