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I am still holding onto hope here. They are going to have to do something eventually IMO. Even if they don't, the company is profitable and way undervalued at current prices.
Remember all those optimistic posts in March about the company having no choice but to pay us a considerable dividend.
Turned out to be a rather nasty joke methinks.
I notice that the number of shares traded has increased to 84,000 and the pps to 6.7 cents.
Zero probably forced to buy back shares for a premium.
End of year short covering by hedge scum.
More than 50,000 shares traded today - mostly at 5 cents.
Perhaps if someone knew anything they’d stop listening to people cheering for years and being wrong
Perhaps if someone knew anything they’d stop listening to people cheering for years and being wrong
But it is a normal repurchase program? Might cause the share price to go up from the current level. If they do it I don't see anything negative about it. No one is forced to sell.
That said I don't trust anything they say or do.
gosox I have always looked on this stock as a very high-risk high-potential stock. It is therefore no big surprise to me if it is a scam and that we have been swindled. That has happened again and again to me since I go for these kinds of stocks. But I assumed that it was more probable than the opposite that the numbers published in the last few years were not totally false. If they are not false the shares are cheap. If it is possible to sell them to the company in a way that means that it is certain that the seller receives 20 cents per share are very cheap too.
Certainly no reason to do anything for us minority shareholders in the states. I assume however that the majority shareholder (Chinese govt) wants a return. What the majority shareholder gets so must we. Or they must buy us out first, or compensate us in some form. That is why I remain long. FINRA requires disclosure of off book assets in all proposed scenarios so far. And the company is never willing to do so. That doesn't mean it doesn't want to. It means it can't for political reasons. My hope is eventually they find a way. At least that is my investment hypothesis. But my investment hypothesis could be completely wrong.
Seems to me there's no pressure on the company to do anything helpful to shareholders, despite the passionate arguments made a few months ago.
I think we all totally misjudged what could happen here.
Comments welcome.
I don't read it.
RD What is your reply to this quite detailed post by zerohedge?
the original chairman going back a decade was GANSU royalty and he founded the original China -A share listed company. after 50 years he retired and "assigned" $2B of assets to the OTC shell company and commenced listing. he assigned a woman Wu Meiping to sit in California and commence filings.
He wired her $30 million - a vast sum in those days. Met and knew both the prior stockbroker (now a CFO) and the guy in California who translated for him @Merrill, another CFO who they wanted to hire.
Merrill Lynch wanted to loan them $50 million because she walked into an office with her check open an account, and at he time the assets were legally owned by the OTC company.
I met Wu Meiping heer brother and mother. multiple times. Shanghai and California
I met the chairman and his wife and daughter many times. Gansu and in Shanghai
When he died I met the new chairman from the China-A share market listed Yasheng - also met with HK based analysts I flew into Shanghai to talk about restructuring and spinoffs. It was all one huge con-job there was no control of those assets by YHGG - renamed HERB to run a trading scam abut hemp production. Chairman Zhou (dec) idea.
I was asked by their law firm K&L Gates to go to Gansu and meet with the new people who wanted these assets "transferred back to China" because American ownership of Chinese farmland is illegal. That was around 2016. As usual huge party and zero movement.
The lawyer and I met because his firm was owed $350,000.00 in fees.
The company refused help, didn't need money - they're an SOE so they have unlimited money.
They stole the company "back" and replaced it with FAUX assets.
It's worthless. Absolutely worthless, and around 10% of shares are not owned by Gansu Salt Co.
They don' need to do anything. The assets were moved. People hung out here not knowing and were defrauded despite my knowledge.
#theend
Yes and we all fell for what looks like a scam.
They need to ban companies that lie cheat and steal -
They need to revoke piles of shit like this
Perhaps somebody else asking them that he wants to sell them his shares as soon as possible without mentioning the Preferred Shares?
They have to tell you.
They are now designated SEC Reporting CF, which means they are only required to file annual reports.
No reply yet to my email asking them to buy my shares but to tell me if I will get the Preferred Shares.
They need to ban these communist from US markets.....
12 YEARS LATER AND IT’S STILL BEING PUMPED AS A GREAT IDEA. WHO COULD IMAGINE. WE WERE WITH THE LAST THREE CHAIRMEN IN CHINA IN GANSU AND SHANGHAI, BEIJING, AND IT’S ALWAYS BEEN THEFT. THEFT FROM THE CHINESE GOVERNMENT AND THEN THEFT FROM SHAREHOLDERS WHO THOUGHT THEY HAD REAL ASSETS UNDERLYING.
Don't worry they will all find another Chinese scam to gravitate towards. It's like a bad crack habit.
SEC's Tips, Complaints and Referrals
Perhaps this could be a starting point for disappointed shareholders who question whether it could be illegal to offer the shareholders 20 cent/share without disclosing the assets in the company.
Sent you an email.
Seems that the preferred dividend is now ancient history. I agree unacceptable. Like I said before, my confidence is quite low after this move.
As for a lawsuit, I can't get involved right now for personal reasons.
Ugh. So they are not updating us on the preferred dividend? We don't even know what the plan is? None of this is acceptable.
I am willing to provide the funding for a lawsuit. If you do most of the work. You know the company and you can read Chinese. We also need a lead plaintiff probably who can also help finance the lawsuit. You know who I am referring to. Either we do it like this or not at all. I don't have all that many shares, really. We could start with this in January.
I agree that this .20 is ridiculous. I wrote to the company and told them so.
But for the filing, I also asked IR about it, they responded last night and said they are not required to file quarterly reports now that they are classified as SEC Reporting CF, they are only required to file annually. I looked into it, and indeed it's true. C filers are only required to file the annual report by the SEC.
Personally, I am not happy with how this is going. I hope they come up with something better, but my confidence is quite low after this.
Gentlemen, Modes had a good point when he said they can't be offering us $0.20 now with the preferred stock dividend included when they were previously planning to sell shares for $0.25 WITHOUT the preferred dividend.
And I know for a fact (from the Chinese filings) that they invested at least $150M in museums which means the off-balance sheet assets and preferrred dividend should be worth at least $1 / share.
It would be quite illegal and criminal to offer us $0.20 for our shares without disclosing the true asset value. Without giving us the preferred dividend separately. Which should also include the 5 high-value plantations.
They haven't filed the quarterly report yet. Perhaps they are struggling, legally. Because I just told you what they have to do. They basically have to give us the preferred dividend separately. Either that, or the Gods will have no mercy on them.
Low-ball offer has nothing to do with it. They can't be doing stuff that is illegal.
I hope that will be the case. I wonder if there is any minimum period they need to wait between each offer in that case, to avoid legal problems with people who accepted a low-ball offer?
My price is also below $30, but they need to multiply their offer at least 25x before it gets close to reasonable. 100x ($20) I'd accept without hesitation. They should have started above a dollar, say
around $3-5. At that level I think many would have accepted.
Anyway, I am in no hurry to give up my shares. They'll have to sweeten the pot quite a bit to get mine.
Your overbooked flight analogy is interesting. I suppose they could keep increasing the offer until most of us minority shareholders accept. That would lower their cost and because the offer is voluntary an audit would not be necessary. That which must remain hidden remains hidden.
Of course then we will never know true value. But does that matter? Everybody has a price. Mine is below $30 but a hell of a lot more than 20 cents!
That is a thought that crossed my mind too, when I tried to figure out why they are offering people 20 cents for a $30 stock.
A bit like when a flight is overbooked. They offer people money to take a later flight and by gradually raising the bid, someone eventually takes the plunge and voilá - overbooked no more.
20 cents is massive compared to the current price when they filed the stock repurchase program. But it is pretty far from the $30/share worth of assets they are hiding "off the balance sheet".
Perhaps they are trying to shake loose weak hands. Better to buy up shares on the cheap now before having to pay what the shares are worth down the road.
Thanks for the clarification. Certainly not an offer worth considering. Looks like our only hope is something forcing them to disclose the full value of HERB. and I'm not holding my breath on that. As we often say in the U.S.. "Time to put a fork in it cause it's done!!"
gosox My interpretation is that you would own bonds worth 2,000 dollars paying altother 100 dollars in interest per year over 10 years. After 10 years you will receive 2,000 dollars.
Snow, I sent this to Aandt but would welcome your thoughts on this as well. Thanks
I'm having trouble understanding how the share buyback/bond payments would work and would really appreciate your help here.
Let's say for illustrative purposes, you own 10,000 shares. At .20 per share you'd get $2000 from Herb. How would the bond issue work? Would you now also own 10,000/1000 = 10 bond shares paying 5% of $1000 or $50 x 10 =$500 per year for 10 years?.
Or would you now own 10,000 of these $1000 bonds paying 5% per year ($50) over 10 years?
I
Aandt,,
I'm having trouble understanding how the share buyback/bond payments would work and would really appreciate your help here.
Let's say for illustrative purposes, you own 10,000 shares. At .20 per share you'd get $2000 from Herb. How would the bond issue work? Would you now also own 10,000/1000 = 10 bond shares paying 5% of $1000 or $50 x 10 =$500 per year for 10 years?.
Or would you now own 10,000 of these $1000 bonds paying 5% per year ($50) over 10 years?
LMAO what a sham
Disclosing the off book asset values would be a huge boost.
Thanks. But what could possibly raise the share price above .20 on the OTC?
Yeah I don't know what to think. My initial thoughts are this is not a good offer at all. The true asset value is MUCH higher. Looking at the current share price, it might be tempting to some I suppose.
Hopefully they will get the filing out. Disclosing the assets would be huge. But I don't think they will disclose. Just more of the same is what we will get most likely.
Re: 8K?
Forgetting about the 5% bond, would it makes sense to cash in now at .20 on the buyback, with the current bid about .05?
Unless they will pay the preferred shares even if you sell them your shares which is probable since we had them before the date they had mentioned in their filings.
Anyway I just hope now that they will file the 10-Q and not go dark once again and then hopefully they will not forget their promise to pay a preferred dividend.
Exactly Modes.... You got it !
They are selling shares that are not entitled for the preferred dividend @0.25 and they want to buy the shares entitled for that dividend @0.20?
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