Hi goldhunter11. As I see it, there are absolutely no difference whatsoever between the Single-voting shares and the Multi-voting shares, and they always should bear the same value (50 X a single-voting share for the multi-voting shares). Furthermore, they are being inter-changeable! The key text is at page 14 of the Circular:

"In the event of the liquidation, dissolution or winding-up of the Corporation or other distribution of assets of the Corporation among its security holders for the purpose of winding-up its affairs, all the property and assets of the Corporation which remain after payment to the holders of any securities ranking in priority to the Subordinate Voting Shares and Multiple Voting Shares in respect of payment of all amounts attributed and properly payable to such holders of such other securities in the event of such liquidation, dissolution or winding-up or distribution, shall be paid and distributed equally on a pro-rata basis based on the number of votes attaching to each such shares to the holders of the Subordinate Voting Shares and Multiple Voting Shares, without preference or distinction..."

It is a 'friendly' Reverse Split, I agree on that, but at the end, the MV shares are preferable in a portfolio because of the margin-access that will be given to our broker account. If a take-over happens (does somebody believe that it will not?), the offered price will not depend on the posted-value of the shares, but on the assets of the company, and the sale price will be divided among all 'common' shares, Single-voting shares counting 1:1, and Multi-voting shares counting 50:1.

An indication that it is a good move is the no-reaction of the market to this announcement. Many here can remember the effect a Reverse Split annoucement can do to the SP of a stock! Nothing here, and I believe that this in-depth cleanup will rather attract institutional attention, and I expect also that a few surprises awaits us in a close range. Management would not do all this just for fun, continuation to CBCA, creation of special shares, consolidation, etc... Lots of fresh paint on the house to say the least!

One thing I'm still confused at, is that Cliffs has not yet reduced its position in KWG, despite their saying to the contrary. Again, what will happen April 1st is an interesting question...

GLTA.

BaBe.

(I intend to vote FOR every Management's proposed resolution)