Topdog,

Many thanks for passing along the info on the AGM of yesterday.

- Attendance: Only 3 shareholders! Does this include CLF's lawyer (same young fellow?) and the other institutional shareholder? It a good thing that you were there to represent the rest of some 6000 shareholders. BTW, how many people from management and BoD, presumably Bruce was there along with Frank? Must be a very cosy meeting. Any refreshment, at least coffee, bottled water, doughnuts (just kidding)?

- CLF: Cliffs was/is still playing hard ball, voted No and demanded that its 11% be redeemed if the motion were carried. Tough shareholder. Presumably, this would earn CLF no favour when it comes to paying for the court costs, if KWG won the Appeal.

- Vote: I would expect less than 50% vote turn out, and this would make CLF 11% and the other institutional shareholders holdings (plus a few more Nay votes from others) carry a lot of weight. It would not take much to block the resolution with less than 50% vote turn out, e.g. 11% + 6% = 17% devided by less than 50% = more than 1/3 (to block it). Did Frank reveal the Yes vote, e.g. over 50%, but not quite 67%?

- Another meeting (30 July) one day after CLF AGM: This would be interesting (CLF under new management?), especially if CLF lost the Appeal.

goldhunter