Sino Agro Food Inc (fka SIAF)

[RealDutch]

When it comes to quality of information I will defer to Dan over RD.

I wouldn't be so sure

RD was the one saying I was wrong about Q3 not reflecting our share of 36.6%

The 36.6% was based on information provided by the company. In Q4 they said they would convert in Q1. In Q1 they said they would convert in Q2. Etc. In the end we learned that they couldn't convert until oct 5. Even then, I kept an open mind about this.

I was the one questioning how much we owned, as much as 12 months ago. Even then it seemed more like 23.89% to me than 36.6%. But I never received an answer to my question. And they booked 36.6% in Q1 anyway.

As for the EBITDA increase of 80% for TRW (later 65%) following the COSO. Well, net income from TRW is $5.2M compared to gross profit of $13M a year ago for the first 9 months. Somehow I don't think all the retrofitting and down time can account for the big discrepancy. I rightfully busted his balls about that one.

I asked the question, whether we would take the same hit in Q1/2017 for cattle as we did in Q4/2016. But they never answered the question and felt is was better to hide the bad news.

As for fertilizer, I said years ago that I don't see a future for this and we will take a hit at some point. It's just a matter of time. Let's not get into HU or HSA.

And now I rightfully questioned whether that $5.2M can even be paid by TRW.

FF2 or the fish pond has nothing to do with this. I will take the blame for that one. I should have asked a better question.

And I'm telling you again. Share buybacks is a mistake. It will create MORE uncertainty. We need the quarterly cash dividends.