Don't believe Cramer. Do the opposite of what he says. CAS effect taking place slowly but steady. CLF stock is worth at least $32.
yea..the management is saying we are going to bring value to our shareholders, but in a reality, they have destroyed the stock price by more than 80% with their moronic and arrogant style. Only reason now they are waking up is because CAS is stirring up the things and they know they are on a losing end.
Hopefully, we would see a slow upward move in the stock price. CAS will help lead CLF price higher with his splitting INT assets proposal. This will make domestic assets business much stronger and more stable.
If you have 5000 shares and there are11 Directors on the Board , you get a total of 55000 votes and you can vote all 55000 for 1 , 5 , 10 or 11 directors the way you like . So if there is a slate of 6 directors by CAS, you can use all your 55000 votes for only those 6 directors. If most shareholders do this, all 6 directors of CAS choice can be elected and that will be a majority on a Board of 11 directors and hence CAS can carry out their agenda if all those 6 vote in his favor including a vote on splitting up the company in two.
That's how it is supposed to work per Clift's bylaws .Cliff tried to change twice but it failed both times.
surf....thats a long time from origionally scheduled date in May . I think and hope they will be forced to hold it sooner than by the end of the year..
They also should cut the Cap spending from $400 mil to around $300(and not spend any more money on BL mine as its IO cost is $85+$25 amortization etc. = $110/tonne and IO price has dropped now to under $105 in China). $100 mil less in Cap spending will help improve their earnings in 2014.
Its IMPORTANT to know if the annual shareholder meeting witll take place? IF it doesn't how can CAS nominated slate of 6 Directors be voted in?CSA needs a majority of 6 out of a Board of 11 to do their thing of splitting up the company. surf,skit,image, or anyone else... do you know how it will work? Can CAS call an emergency meeting of shareholders? any ideas?????
image..something is missing . Its all speculation just as anyone can make . Don't know any more.
image.. thats in the nutshell. because of CAS pressure . I thiink you and I can speculate just as anyone else can
surf..In my opinion, I think it is worth keeping the Chromite mine now that CLF has it. Just don't spend any money on it till Can Gov. builds the Transportation infrastructure. I believe in the end, it will be very promising and worth a lot more to Cliff.
Something cooking up at CLF. Changes are going to happen soon since down almost some 83%.. Australian plus BL mines will be packaged into INT assets and separated in a new IPO.
skit.. good point. the idea is to sell INT assets that fluctuate at the whim of China and its growth and GDP and changing Seaborne IO pricing.
and come to an agreement about divesting certain assets and CLF putting at least 3 to 4 Directors of CAS slate and cut down debt and concentrate more on domestic operations and NOT depending on Seaborne IO and China economy.
March 10 Iron ore pricing....
Spot ....$104.70, down9.40 or 8.2%
Swap...$101.42, down5.12 o r4.8%
Please get out of the way and allow 6 Directors Slate Nominated by CAS to be voted and help prevent this company from drifting into bankruptcy. You have already done plenty of damage. This is the best you can do to Cliff's shareholders
CLF is down 3.75%. How much more down you want.? BHP down only 1.75% and Rio down only 1%. This POS is down every day lately. BHP and RIO down only about 10% from high and CLF down whopping over 80%..Is that enuf comparision for you?
dan..BL mine cost is too high. You are close to it..What CLF needs is to bundle it with Australia/Asia assets and spin off as an IPO Priced @ $15-$17, then \proceed to pay off ALL debt and clean slate and decide what they want to do. as a domestic company and may want to roll it into a MLP so no taxes will have to be paid ..IMO.