You will notice beginning on page 14 of the Management Information Circular a discussion titled Confirmation of Shareholder's Rights Plan. It would smart for all common stock shareholders to read it.

The principal objectives of the Shareholder Rights Plan are to ensure that, in the event that a bid for control of the Company is made pursuant to an acquisition of the Company’s Common Shares (the “Voting Shares”), the Board of Directors has sufficient time to explore and develop alternatives for maximizing shareholder value and to provide adequate time for competing bids to be tabled. From the shareholders’ perspective, a shareholder rights plan ensures that shareholders have enough time to properly assess the bid and ensures that shareholders have an equal opportunity to participate in such a bid.

There is a shareholder's rights resolution (page 14) to be voted on and confirmed at the AGM.

All shareholders will receive Spider Resources Annual Report, Proxy Forms, and a control number with which to vote. The shareholder's rights resolution is a brand new issue (oft-mentioned in the forum). Think about it carefully. The board of directors are probably telling us something.

On page 15 there is a discussion of the Objectives of the Shareholders Rights Plan. The Board of Directors considered six concerns one of which is titled "Creeping Aquisition of Control". All six are worth reading.

One final note in this post is that if you reference the same document, starting on page 12, you find Election of Directors. There is a slate of seven (7) directors. Look carefully at the number of common shares owned by the individual directors. Who has bought into Spider Resources? Would they even care about "creeping acquisition" by other companies?

To my way of thinking, zero (0) shares means zero interest and zero 'skin' in the game. Should you vote for them as a director?

Snug