"Remember, when he "floated" the idea of a reverse split, he wanted it as an option (for action) to be implemented when the time was opportune for SPQ. I expect he would try to sell the investor on this approach should he bring it forth again."

(+ The RS vote was not seeked for a 10-1 split but for up to that ratio.)

As per the 2008 Notice of Annual and Special Meeting of Shareholders of Spider Resources Inc. :

"As the Company relies on equity markets for capitalization, management is of the view that the proposed Consolidation addresses the dilutive consequences of a large outstanding number of Common Shares. Management is also of the view that the Consolidation would address the concern that low prices create larger bid / ask spreads which encourages non-synergistic, low value speculative trading and volatility which is unrelated to news and developments within the company."

...

"If the Share Consolidation Resolution is approved, the Consolidation will be implemented only upon a determination by the Company's board of directors that the Consolidation is in the best interests of the Company and its shareholders at the time."

I'm just amazed that this empowering proposition was voted out.

And that it has been claimed by many as a victory. Shareholders claiming "Victory!" against a BoD is pure non-sense. When a Management asks his stockholders for a strategical authorization to act, and if this option is not wanted, then the stockholders should dare to trow the untrusted Board out! These guys -esp. Neil Novak, a long-time 'heroe' in the field- know their stuffs, and certainly have infos and feelings that we cannot get, and that they cannot bring outside closed doors. Standing back now, we can see that Consolidation was then a near possibility, and that Cliffs and others were already sneaking around when this 'power to RS at will' was requested. Shareholders are now willing to RS and are almost even asking the Directors to go for it ? Come on! Roles are... Hmmm... reversed!!!

Shareholders are not managers, rather investors. Sometimes, one should just listen to his own feelings, instead of following the path of dedicated, but blubbering crusaders. My humble opinion. SPQ certainly needs a refresh in his OS. It will be proposed on the next AGM call, maybe. But will Spider still be SPQ then? Odours of mergers are filling the air all around...

Good luck to all.

BB.