From the experience with KWG, posters would not be reluctant to declare their share holding as long as the shares are connected to their nick-names (call-name, or "nom-de-guerre") as they appear on their posts. Some would declare that in the open, on the BB, others would in-box the custodian with their declarations. The in-box method would alert the list keeper better. An open declaration on the BB would depend on the list keeper to scan the posts (so make it bovious), but this would have some positive impact on others and this would generation some publicity for the "cause". It would also encourage others to do the same. The company, other shareholders, and potential predators may be interested to know what we are up to, and the strength of our block. I am optimistic about getting 10% ourselves or in combination with management block.

Even with the call-names, some posters may decide to be listed as "anonymous". It's their choice (but they would need to declare their call-name with the list keeper, for future updating. The keeper will assign anonymous 1,2,3, etc. and only the keeper would have a "secret" list for this.

Just to get the ball rolling, I would suggest a 2-step process;

- Step 1: Just like what has been done for KWG. Get some kind of tally, just to have a rough estimate of our strength (around 9-10%, or just 1-2%). If it's a low response, then "cause" would be dead, since no one would be interested in forming a block.

- Step 2: This is a more formal one with the link to the real names of the shareholders, which must be done under some kind of confidential arrangement, since no one would want their holdings openly published, especially on the Web for the world to see. I would say we don't need to worry about this step yet, not until there is some inkling about a TO. Besides, Step 2 may not be necessary if there is some means to coordinate the activities for this die-hard block of retail shareholders (say in a vote). It would be up to the individuals to act as they have indicated in their declaration.

Some posters have suggested obtaining a list of shareholders with telephone numbers, e-mail addresses for the coordination of activities. But I think Agoracom or SH private in- boxes could effectively serve the same purpose. A group of key actors including the list keeper may want to get together via telephone and private e-mail to discuss the general strategy which could be published on the BB for everyone to see (or sent to their private in-boxes). There is nothing secret here, it's just a general indication which would serve as a useful guide for your decision in supporting or not supporting an offer, i.e. if you feel that the offer is low-ball and totally unfair, and you want to block the compulsory tendering you must put in your real votes in to be counted.

As indicated, 10% would be possible, but 1/3 (34%) would be a lot more difficultIt would be difficult unless there is support from management and some other shareholders.

If management is on our side they would encourage/count on our support along with solicitation of shareholders (telephone calls or mail, they do have the shareholders list, and I undertand that this is a public document which would be avaiable on request...could someone check this out?). Management could post relevant info on their website, issue NRs, or take out advertisement on the Globe & Mail, et al.

Can someone fly this pass Dave, or ask Karen? to have a chat with Dave on this?

Just some ideas to generate discussions. But, we want to get something going rather than paralysis by endless analysis.

Goldhunter