The share structure info is summarized in the the table below (shown in the top right corner of KWG website, just in case the copy and paste does not work in this post...you may want to go to the site and verify the info, so that you cannot blame anybody else, lol!)

A simple analysis would reveal the following tidbids.

- There are a lot of wts out there: 122M/940M = 13%FD

- Ditto for opts: 67M/940M = 7%

Total: 13 + 7 = 20%FD, which is quite significant (compared to CLF 16%)

Let's put some other numbers in the pot:

- KSU: 10+% as of May 2012, assuming not much has changed and all shares have remained in strong hands.

- Out of the total wts, Frank just added a net 9M = 1%FD (potential shares if/when exercised, bought 10Mwt and sold 1M shares from his own share holdings for a net cash flow of zero for this clever exchange of 1M actual shares for 10M potential share, as per Le Penseur).

As I recall (don't trust my memory) Frank had ~ 10+M share, for another 1%FD.

- Moe bought 2M additional shares near the end of 2013 Moe's total: ??? (link, courtesy ChaunceyG... http://www.canadianinsider.com/node/7?ticker=KWG)

- other (friendly) insider:???

(except CLF who is deemed to be an insider, so any share disposal or acquisition would be required to be reported)

Apparently, the KWG poison pill provision has just expired (Monday 7 April 2014), but Bruce was reported to have said that a similar provision could be put in place, if required. Verification, anyone?

Just wanted to have a general picture of the voting power for a potential hostile TO (just like checking how many snowballs we have in the snow fort, before the start of a throwing contest). CLF may NOT be able to take a run at us (money and Casablanca problems), but who knows. It can always bring in a partner, if KWG looks juicy enough (like a piece of Ruth's Chris steak, https://plus.google.com/+ruthschris)

goldhunter