Looking at the KWG SRP and assuming SPQ is structured similarly any shares (up to 20% of outstanding) purchased prior to the separation date will NOT have their associated rights cancelled, so the shares purchased prior to the separation date will not lose their value.

Does anyone know if CLF was legally required to disclose the purchase or whether it was just a tactical decision? If it was a tactical decision it seems very odd.

Does anyone have a link to SPQ SRP?