a) from the news release

"The current shareholders of the company will own approximately 90.1 per cent of the issued and outstanding shares of Metal Mines, with the remaining 9.9 per cent being retained by the company."

So what this is saying is that for every 1000 shares of ISM you will receive 901 shares of Metal Mines. If this is what is implied, then basically you are giving up 9.9% of your holdings to the company (ISM) for something you already owned 100% in. Kind of like a transfer fee I guess.

b) The record date for the annual meeting and voting rights was set for April 6 but the record date for the special dividend was set for April 16. Anyone buying after the record date of April 6 has no voting rights as to whether they get the special dividend yet someone who has sold after the April 6 record date has the right to vote on the special dividend. You would think the dates would be in sync to avoid this kind of thing.

v.