Challe... They have to do the spin-off now because they promised. So that means 25%. They can only use the other 25% as collateral without impacting earnings.
DBS will not lend money to SIAF so they can pay cash dividends. Dan already said so. It's stupid anyway. At $7 - $10 share price it will hardly have an effect because you need a yield of at least 10% -15%. And... cash dividends ruin the growth story.
You can keep banging your head against a wall all you want. I said 2 years ago there will be no cash dividends, and I'm saying it now. However, they may start paying cash dividends in 2019 if the spin-offs are designed properly, and I think we might need it then.
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