The two largest shareholders of Spider, as of mid-April, were Joe Dwek Management Consultants, Inc. (13.4 per cent) and Ned Goodman Investment Counsel, Ltd. (4.70 per cent).

There are some unanswered questions here. For example what these 2 largest shareholders will do? What if they will vote for CLF or sell all shares to CLF. Wabush mines was not so good example of take over approach from CLF. They actually bought shares from 2 largest shareholders after them. Let say that CLF already has 4% and with some 17% they are already at 21%. If some other company work for them they can try to come to 35% and abort KWG-SPQ merger? It is not so easy as on the first sight. Hope that this will not happen but good food for tought.

GLTA!