Some valid points in your discussions. Sound like you have chatted with Neil, or have been to the AGM.

My not-so subtle point here is that rarely do any retail investors talk with Neil. Much of the the discussion on this AG board is conjecture and POV. Little at all that is substantial or substantiated.

With regards to the "timing" of the RS or Neil's selling of shares, I venture (my POV) that there is never a good time. The issue of an RS has been on the minds of many for a number of years. I brought it up for discussion a number of months ago. Not well received, needless to say. But the discussion has been out there.

The rationale for the RS has been made very clear. The fact that people don't like it is another matter.

So now folks want Neil and the BOD to pull the proverbial rabbit out of the hat. Don't think it's going to happen. He now has no room to maneuver.

"... they could pressure us to sell part of our stake in return for funding our share. The posibilities on this issue of funding are endless and not being privy to the discussions we are only guessing."

I have chatted with Neil directly on this issue, and this issue was also raised at the AGM. This is the threat now. It's not guessing. Cliffs has a good firm grab on the "short and curlies".

IMHO

Snug