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These promissory notes seams to be another risk of getting diluted.
From the Q3
I see, yes you are correct.
Remind me, what are those "Promissory notes issued to third parties"
What do you mean effective loan? The net drawn amount of loan 1 and 2 was $10,132,223 last quarter.
In the table on page 14, they have even made a column indicating "Effective share count, net of C/S"-19,366,138 shares. With 14 million shares on Merkur the share count is completely off.
Not sure, don't get the numbers to add up.
Promissory Notes has increased from $12,589,779 (page 30 in Q2 report) to $14,492,221 (page 21 in Q3 report) in Q3.
You can also see changes on the cash flow statement on page F-5 (F-4 in Q2 report) changes in "Cash flows from financing activities".
That is based on 36,6% ownership.
So the collateral shares are still considered as collateral shares.
So the question remains, why does not the share count compute?
What makes you say that? Net income from Tri-way this Q was $1,379,672 and last Q it was $1,313,996. So net income is increasing Q over Q, but slowly.
Net Income for Tri-way was -
1,379,672/23,89% = $5,775,102 this quarter...
I have no idea why they go back and forward with the equity interest in Tri-way... I wonder if they can use the 36,6% figure for the whole year of 2017?
The Company has consulting and service income from development contracts of $2,978,371, $0, $16,167,636 and $0
from Tri-way Industries Limited for the three months and the nine months ended September 30, 2017 and 2016,
respectively.
It's this line here -
"Share of income from unconsolidated equity investee - $1,313,996"
That is still only for a 23.89% holding, not 36.6% that is our actual holding.
The issuance of shares for Q3 2017
To other owners are the former owners of the fish farms and mega farm. There are no shares reserved for the IPO.
Downloaded the Triway Annual Return form from ICRIS, nothing in it that we didn't know about.
Stop mixing imperial and metric measurements, it makes my head hurt :-/
Yes, but he has already been reported in ICRIS to be a director long time ago. The new filing is a new change in directors.
Which director are thinking about?
Actually, they just filled a ND2B filling - "Notice of Change in Particulars of Company Secretary and Director". So I guess we have a new director now.
No. There will probably be nothing in it that we don't know about. Typically it only mentions who the BOD is, the secretary, share structure and owner structures and such. Nothing about earnings or anything interesting.
He is not registered as a director yet, but I assume that they will eventually.
By the way, Tri-way filled the annual return today. It's normally not any interesseting information in these ICRIS fillings, but I will probably be able to download it after the weekend.
It's no that easy to get rid of SJAP. Since SIAF/SJAP is in such a close collaboration with the government in regards of using land for free and such, so the local government much pretty much have to agree to the new owner/owner structure, otherwise they will pull the rugg under their feet.
It's only Solomon Lee and Colanukuduru Ravindran who are officially BOD in Triway
Owner No of shares Ownership in %
Sino Agro Food (OTCBB:SIAF) 36,590,000 36,6%
Ample Rise Limited 2,750,000 2,8%
Fortune Legend Investments Limited 2,750,000 2,8%
Sino Agro Food (HK) Limited 31,998,572 32%
Good Sea Limited 4,250,000 4,3%
Green & Natural Limited 3,250,000 3,3%
Lucky Shine Development Limited 2,750,000 2,8%
Yongfeng Agricultural Investment 4,180,068 4,2%
The Business Advocate 4,521,360 4,5%
Fine Happy Limited 2,750,000 2,8%
Flying Cristal Limited 4,200,000 4,2%
Giving up control before the loan is finalized, the debt payed back, the dividend distributed, contractor deal signed and pre-IPO done would not be in our interest.
And when all this is done, it will be much easier to attract seasoned management.
Okey, that is new to me.
For you who have not seen it, SIAF has a Google+ account that is a small gold mine with some goodies presented over time.
Yes the 36,6% interest must be reflected in the q3 report. The owner structure is officially 36,6%.
Listed to this presentation. SIAF will not farm Salmon.
https://vimeo.com/158286943
Yes, India, Malaysia and Vietnam. And of course the Tri-way in China.
Can't wait until Capital Award get to work so we can have $1+ quarters again.
What is your estimation of the Q3 result?
I'm guessing that it will be in the 15-20c area.
Nice find!
I think the prices shown are in catty (jin), not kg. 2jin= 1kg
Can't see the size of the shrimps on that page?
I don't think I have see any of the big food conglomerates start invest in aquaculture yet. There should come a time when they all will compete to get a piece of the industry.
World congress of aquaculture and fisheries today with Tony.
Lol, it's not me on the picture
Ask Zero, he knows that guy
And you know this how?
Solomon speaks "Chinese"