Re: They have 21.2% locked up

Welcome To The Spider Resources HUB On AGORACOM

First Explorer at the "Ring of Fire" and presently drilling on the "BIG DADDY" Chromite/Pge's jv'd property...yet we were robbed

Reply New Message

Prev Message Back To Forum Threaded View Next Message

GleeGee

Rank: Treasurer [?]

Points: 2563 [?]

Votes: 236 Score: 2.4 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Re: They have 21.2% locked up

in response to

They have 21.2% locked up

bananaboy

posted on Jul 03, 2010 08:34AM

Bananaboy: You said:

"They have 21.2% of SPQ shares locked up. They need 50.+%. Which means if they fall short of that number this 19 cents offer is withdrawn; after that they can walk away or come back with a better offer.

Since they will no longer be 'bidding', could they go ahead and legally buy shares on the market if they don't get enough tendered to their offer?"

I'm a little confused here and it seems so are many, and my broker is no help.

One or two posts have mentioned a meeting? For what?The merger is dead.

It seems I can tender my shares to Cliffs immediately (broker deadline - three days) and have my money tied up for who knows how long, OR I can sell on the open market and probably take a half cent cut (doubt that I'd get .19 cents).

If I hold out and Cliffs get their 50+% do they then have to give me .19 cents for my shares? Clear as mud!!