I don't believe any shareholder rights plan was discussed at the AGM. The focus was the potential reverse split, and the vote on that issue. Much of the rest of the time was on drill targets and geology, if I remember correctly.

In one personal conversation with Neil, I did ask about shareholder rights plan and he replied that it wasn't in the cards at that time. (I think this was before the last AGM.)

As shareholders rights plan is one consideration for Spider Resources going forward. This would be an obvious tactic once the SPQ share price hit $5.

But as we have seen with the present ongoing proxy battle over at Noront, there has been no implementation of such a "poison pill": even as Rosseau relentlessly tries to batter down the share price from $7 to below $1. For the shareholder rights plan to work, the retail shareholder would have to pony up probably $15-20 million dollars to buy shares (shareholder rights plan shares) to fight this hedge fund.

Here's the key - IMHO - direct shareholder (retail) activism - as was the case in the reverse split issue at SPQ - wins the day. It's simple math. Rosseau and its cronies have 30%. The retail investor, management, and the big supporting corporate investor needs a large percentage of the rest (70%) of the outstanding shares.

And this is happening in the case of Noront. Hallelujah.

Snug