Sino Agro Food Inc (fka SIAF)

[jyyoo]

According to Dan, the lead bank and other 4 banks have already performed their due diligence which has been very positive so far. And the lead bank has already submitted their proposal (to give Tri-way around $100M USD loan from 5 banks, around $20M each) to their board of directors. The board of directors submitted a follow up request for Tri-way's 2017 audit (Tri-way's fiscal year ends September 30th). The independent audit has already been completed and submitted for review two weeks ago.

Dan has said that the final proposal that is under consideration by the lead bank's board of directors has already met whatever conditions each of the other 4 banks require to approve final sign off of the loan since they worked in concert throughout the process.

As I've said before, the hard part is agreeing on terms and approving a final proposal. This has already been done and is simply being signed off on by the board of directors at the lead bank. I personally expect this would not take very long, but the important point is that the loan sounds like it is a done deal. Once they PR that, the company can finally focus on share buybacks and cash dividends, as board members have already said before.