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snow Do you have the knowledge or contacts regarding lawsuits for fiduciary duty?
I interpret it the other way around I.e we need to have a decent dividend (in %) to achieve a yield of 10%, and then we can reduce it to say 1/3 of EPS
GRDTRI
lol I meant that the market hasn't panicked after the cancellation of the cash dividend policy. Sure Merkur was down 16.23%, but OTC was UP 2.31% (giving OTC a 7.5% premium over Merkur). Both on tiny volumes though which means that few longs on this board has sold so far
Although Hegnar did not have an article on the cash dividend policy being announced (as far as I have seen), they do have an article on it being cancelled...
www.hegnar.no/Nyheter/Boers-finans/2018/12/Sino-Agro-Food-vraker-utbytte
I'm not sure whether he actually collects those shares, but it does stink.
What also stink is that they are bragging about reduced G&A-costs, when the main reason to why it was so high earlier is because of compensation shares... Idiots
You don't think the lawyer fees now will cost too much?
Or that Solomon needed to keep the PPS up while diluting, and now that he doesn't need to dilute anymore he doesn't care about the PPS...
I wonder how the people who agreed to take shares for 55 cents thinks about the deal they made. Will they be coming back for more?
I do have serious trouble believing that Garret has suggested to cancel the dividend, so if there is something in it then I would agree that it is more likely to be ECAB.
The filings state that both SIAF and ECAB are open to settle all the debt in cash, which might be gibberish for "ECAB has threatened to sue the crap out of me, and are demanding everything to be paid back in cash, and at a pace that I can't comply to".
Solomon has said that someone is trying to destroy the company, which might be ECAB (through asking for the money back). If so, then Solomon does not realize that SOLOMON is the one destroying the company. And cancelling the cash dividend might very well be the kiss of death - well done, Solomon, well done
The current filings state 336k in salary + 336k/PPS in shares (starting January 1st 2019 I believe).
Well, Merkur is for babies, so I don't think they care too much about minor issues, but keeping shareholders in the dark is passing the limit (hence the small fee) and cancelling a dividend should be rather challenging in general - not to mention when the cash dividend policy itself was issued at a time when common shareholders were talking about lawsuits and the PPS was imploding.
The way they worded the Q&A it seems to me that SIAF might have had the cash flow necessary to pay the cash dividend, but that "the board of directors - with advice from some large shareholders" adviced them to not pay it at the current stage. It will blow my mind if Oslo Børs looks the other way on this one.
It will not be in SIAFs favour that the TRW-distribution got cancelled.
Which leads to the question; 1) Is SIAF in more trouble than we can possibly imagine, 2) has Solomon ever had any balls or is he so stupid that he don't realize that this is likely to get him delisted and sued, and/or 3) was this his plan all along
Old bad memories shouldn't be used Speaking of which (someone please arrest me if I'm wrong) - I believe RD has stated that there hasn't been a change to his employee agreement on OTC, but the admission document on Merkur contradicts the OTC-filings...
This, combined with the cancellation/delay of the cash dividend, should get SIAF delisted from Merkur (not sure if that is a bad thing, although if he wants to be listed one place then it should be Merkur and not OTC, but lately I have not been able to trade SIAF on OTC with Nordnet anymore).
The problem is that Solomon will not take responsibility and be kept accountable for the mistakes he does. Instead he has his compensation scam so that his investment is protected from the death spiral he puts SIAF in.
Is his employee agreement even legal? I don't think it is in Norway, at least not since it differs greatly from the admission document to Merkur, but that is a "typo" - can he really collect 360 000/PPS in shares when HE is the one responsible for the implosion in the PPS?
Solomon doesn't live in the US or Norway, but SIAF is a US-company co-listed in Norway. Shouldn't he be held accountible by US/Norwegian laws? Is there any examples of a greater breach of fidiculiary duty?