If there are to be any consolidation of shares, IMO, it will only be made in the course of the projected DDI distribution, and only after Cliffs has acquired the remaining portion of Big Daddy, and disposed of its KWG shares.

I'm really eager to see the Spider dissenting process to start... When the attorneys begin to talk, and exchange infos and documents, they will sure have a close look at the Valuations on hand, so maybe Cliffs will think that it may not be a good idea to wait for an almost certain court ruling stating that the 'indirect' value of its joint-venturer KWG is in the range of 25 cents or more...and that, maybe just for its 26,5% slice of Big Daddy! I expect some serious talkings to be made before Xmas! The question is: will KWG dissapear or remains as a diamond et als player, holding Railway claims and a NSR on the chromite production? The choices:

a) Cliffs buys only the chromite from KWG, and leaves KWG with $$$, DDI, CCC and the NSR; (or allows KWG to swap non-chromite assets before closing)

b) Cliffs takes-out all KWG shares for $$$ and/or CLF shares;

c) Something in between;

d) None of the above (ie no move from Cliffs)

If nothing happens (which I doubt), the concern will be funding for exploration to come. I think that the OS of KWG is very very heavy, and there is not much room for increase. Hence, a reverse split would not be impossible... Mineraldfields (Joe Dwek) have a good chunk in the company, and they certainly look very closely! At least as much as us...

GLTA.

BaBe.