My questioning was about the KWG's treasury issuance of shares. The Shareholders Agreement (as little as we know from NRs and public statements) gives Cliffs a preemptive right on any issuance of securities in order to maintain their % of KWG shareholding... I assume that an 'internal exchange of share' as the one we see here between KWG and its subsidiary is an 'enumerated exception' to the preemptive right allowed to Cliffs.

As regards to DDI distribution, I see no reason why Cliffs would not receive, as a registered shareholder, its portion of the 20:1 DDI shares dividend to be declared by KWG. There may be a specific clause on this in the S.A., but I truly doubt it. Anyone heard of such a waiver clause?

GLTA.

BaBe.