Unless there is some contractual document between Cliffs and Kwg that I am not aware of, this threat from Cliffs looks like nothing else than an act of war. Kind of annoying the opponent just for the sake of it.

The change of jurisdiction from a province (here Quebec) to the federal jurisdiction is an administrative process which, in this case, can produce no harm whatsoever. All the contrary, I think. The change, in fact, would mainly avoid the obligation to have our head office in Quebec, and to hold shareholders meetings in the province.

However - and this is where Cliffs shows his hands - the operation allows a dissident shareholder to have his shares bought back to treasury for 'fair value' (section 372 (6) LSAQ). Exactly the same move KWG did initiate when Cliffs took out Spider and triggered the 'going private' process (KWG withdrawed his request later on). Eye for an eye, I guess...

The Reorganization of capital (50:1/1:50) did also require 2/3 of the votes to be passed. But no dissident right to get a buy back at fair value. Cliffs certainly voted 'no' on the resolution so KWG needed a huge vote support from its retail shareholders. Which KWG got - look at the impressive results given Cliffs neahs- but unfortunately just not quite enough.

We now know as a fact that Cliffs is , and will be, anything but a friend. Beware of the dog then!

Is this sad defeat for KWG a Victory for us retail shareholders?

Some here pushed peculiarly hard to sell a "standing by Cliffs" attitude on this inventive proposal to lower the float while keeping the value. But this morning, we are still stuck with a near-billion float, a hostile major shareholder who would do nothing of use but hampering us, and a weakened Management with hands tied... Boy! Thanks guys! GLTA.