Thanks Babe (and LP too) for the hot-off-the-meeting information. Some interesting observation

- Total votes: 196 + 162 = 358 M shares, which is 53% of OS (670M) so where was the other 47% which may hold the balance in a the next vote for the Special shares?

- Consolidation 50:1: Passed with CLF support, say with CLF 120M vote taken out of the 192M shares (192-120 = 72 M against), 162M Yes + CLF 120M = 282M = 282/358 = 78.7% which passed the two tests of simple majority and 2/3 (67%). So, CLF support is crutial, and CLF obviously did not mind the dual share system.

- Special Share: Defeated and postponed until later. Results (as reported by Babe): 162/Yes and 196/No with 120M from CLF in the 196M chunk. Hence, failed the first test of simple majority.

To sum it up, CLF 120M represents 120/358 = 34% of the today's actual votes (instead of 17% of the OS, beacuse of the low turn-out). If everybody would cast their votes, the results could turn out differently.

Let's try:

120/No from CLF and also 72/No just like today = 192M/No total versus 670-192 = 478M/Yes.

478/670 = 71.3% which is tight! So, if CLF still does not want to support the Special share then everybody will need to turn out with a strong support for the YES side. Management will have to hustle if they want the Special share flexibility. Perhaps, CLF is negotiating right now for some special priviledge before saying Yes?

Please check my math, since I used a $1 calculator from the Dollar Store (but it's "solar" powered and has big keys).

BTW Babe, you said "Chineses are everywhere around". Do you mean "at the meeting"? IF so, recognize any big shots who have a China/Baosteel connection, like the gentleman sitting on the NOT board?

goldhunter (just speculating)