Good afternoon all.

We have had little discussion with regard to the special meetting of spq and kwg shareholders. The date of record being this Friday the 4th of June.

The share holdings of that day will have a significant impact on the outcome of an amalgamation/share consolidation vote. I would not have guessed that our respective management would have chosen a date of record after the Cliffs anouncment as it allows large scale investors and arbitrage to accumulate and vote, presumably for an increased offer but based on a ROI over time. This favours Cliffs imo.

It would appear to me that this forward date will create some lively bids and increased volumes. It could also force an increased offer.

It seems a rook and knight may have moved forward in the lastest chess move.

jmo...........Carry