Thanks for the response. As I stated I'm not against a r/s just at the amount it's going to cost me. Your A 1:10 split is just not acceptable, however if JD is correct and Neil is looking at a 1:2 I would be in favour of it. Your logic re the need for a split just doesn't make sense in fact that logic would justify why no r/s is necessary, jwhy not just sit back and wait for the offer. If indeed Cliffs is the only bidder for the Spider property then using the FWR figures we would expect an offer in the region of 40-50 cents a share in other words they would put a price on Spider of between $220m-$275m. On a one for ten split followed by another share dilution due to the potential of another PP going out at somewhere between $0.80 and $1.00. We could easily end up with between 70-80mill sh or more Assuming we get the same offer from Cliffs for the company i.e. $220-$275m we would be looking at between $3 and $4 a sh. Now if I'd got in on the PP I'm a very happy camper, but if I'm one of the ones who got shafted on a 1:10 r/s I'm not very happy. Naturally the above scenario would change depending on the # and type of shares they are willing to part with on the PP.

Bottom line for the family we will be voting our block against any r/s that in our opinion fails to provide value to the shareholder now or in the future.

IMCO

Joe