Hi everyone, just wanted to weigh in on the present scenario with Cliffs latest offer to Spider. In my opinion, their overbearing tone and intimidation tactics to the Spider shareholders are reprehensible, and the intimation that Cliffs may sell their KWG shares into the market is outrageous! That could have a truly serious impact on the share price. How can they threaten that? Can't be legal, surely?

And what about Joe Dwek of Mineral Fields? He locked up with Cliffs without having a public valuation of either Spider or KWG. Don't these funds always have an internal valuation of the stock price of the companies they are investing in? Wouldn't it be interesting to know what that price was and if, in fact, the price Dwek has accepted is below his internal valuation? Wouldn't that be in breach of the rules governing the activities of his funds?

And what about all the shares Joe Dwek has in KWG? Hasn't he shot himself in the foot by aligning himself against the merger? We know the whole here is greater than the sum of the parts. We know we have greater bargaining power, we know we have a stronger voice united, and we know we can get a better offer than what's currently on the table. Sure it's all about the money, but I fail to understand what nefarious backroom scheme arranged with Cliffs could have made Mineral Fields jump ship and betray Spider management in such a manner.

From here on in, whenever I consider investing in an exploration company, not only will I want to feel that management is capable but now, as importantly, I will want to know what institutions are financing the company.

No explorer will get a nickel more of my money if they are financed by Mineral Fields, Rosseau Asset Management or Pinetree.

irish