Re. the lack of a board position for Cliffs, something has been nagging at the back of my mind, although I can't think of where I'd find more information. I thought I read somewhere a couple years ago that if a company that holds a 10% interest in another company but does NOT have a representative on the board, the restrictions on making an unsolicited offer for that company are less onorous. And if there is someone on the board and that position is terminated, then there is a 12-month period from the cessation of membership of the board during which the higher restrictions apply.

In other words, I think that when the Cliffs rep on the KWG BOD resigned, it didn't matter for the first twelve months, but now that more than twelve months have passed, Cliffs' position as an "insider" is less restricted for some reason.

[Pause]

Ok, I just found an interesting document that I'm going to read through later tonight:

http://www.gowlings.com/knowledgeCentre/publicationPDFs/Guide%20to%20Canadian%20MA.pdf