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We need a reality check? Didn't our CEO flash around in Norway some months ago talking about a $20 mill buyback might do it? Or mouthing of that they might pay down a loan just to show the market it could be done? And the "spin-off" where you have not one single new member of the board or management? And a $800 mill balance? And the "fake" AGM agenda with both cash dividends and buyback plans?
The reality check is that we should stop listening to the company then! TRW owns millions of dollars to SIAF and this is part of the reality also for lenders to TRW. They can't just tell TRW to use it all on concrete and stop paying it's creditors? WTF, go and get ourself a realitycheck.
We are entitled to both get TRW dividends and cash dividends, but it seems the company is too busy printing shares behind our backs. They don't even report it anymore. Look at Garretts filing - we are over 30 mill shares but thats not what the company has reported now, is it?
Dear Mr Solomon,
Another year, another $670.000 in salary, or more precise $335.000 in cash and $335.000 in shares adjusted to the fixed cash value.
I am very excited about your visions and clear sight. In example, you changed your personal share program so that you would get less if the share price rose. How did you know it would fall, and thus changed it ahead?
We are so lucky that you are running this ship. Oh, by the way, is that an iceberg ahead - it for certain looks like a non-cash-dividend iceberg. Solomon, why are you speeding up and not adjusting course? We are heading for the iceberg! Solomon, are you there? I though I saw a life boat lowering down past us.
I hope you can keep your charm when you meet St Peter, and I'm not talking about our great communication rep. A lot of us in the Titanic band are still playing and believe in you. Lets sell some of those non-core, right? We have $800 in our balance and for sure we must be able to free 1%, right?
Don't work all night around with the loan. Pay our customers a visit and collect some receivables. Before my Ihub friends starve to death.
TS, new pending filing on TRW 8.1.18 in icris. It has 12 pages.
From the size of the document, could it be an update of the annual report since last annual report in Nov-17 was also 12 pages?
RD,
I suspect you know something about accounting. A couple of weeks ago I questioned the priority of the cash flow. 2013-2016 the company reported over $200 mill in operational cash flow. The same period they spent approx $240 on capex.
Now, in 2017 and ex TRW, we have seen around $27 mill in operational cash flow so far and could expect maybe $35 mill in total. Of the $27, we saw $21,5 spent on capex. No more was available due to disagio and repayment of loan. The last CC they even bragged about reducing capex, while the fact is that they could not have spent more and brought cash to a "ATL" around $1.8.
The Swede suggested that capex went partly into seeds. I have thought about this and IMO seeds must be found booked in inventory. Would you agree on this?
The balance line in 10K is called something like Property and Equipment. No increase in Property lease, leaves us with equipment. And with abbatoir closed, how could we spend around $25 mill (I'm estimating $3,5m in Q4) in 2017? It's a lot of money and you must wonder why none of these are reversable/sellable as new equiment or even refinanceable into leasing? It's like putting the kids to sleep while the house is on fire.
And what have we to show of the $240 mill capex the last years. Where is it to be found and why are we not able to free these assets or anything at all from our $800 balance to pay cash dividends? Have they ever? I think I found three occations where they paid $0,01 each time.
It's so simple and clear, and this is why we get a board divided into the two obvious possibillities (a. the management is crap, b. they don't control or own the assets). Maybe it's both, lol.
The company has not permanently decided to increase it's share count due to collateral and all share owners rely on collateral being returned. If the lender refuses to return the collateral, the company must buy them back from the market and sue the lender for the losses. In such way it's not the share price at a certain date which determines the penalty, but the actual loss from real buybacks IMO. The buybacks which the company did on behalf of the lender.
Long before that date, we shall have news about financing and maybe other positive news, like sale of non-core to free up some of our $800 mill assets. They can not continue to lend pocket change from month to month. A company with a $300-400 mill revenue and 3-6 month creditline to customers, should have around $100 mill in cash at all time.
They can't use the share price - the shareprice is a consequence of the breach/sales of collateral in such a case, and by using the shareprice to define punitive damage, the court would have favoured the breach itself.
Rather they would look at the PPS before the dumpings of collateral started.
But hey, I agree it would be best if we could see $5+ before 1 March!
That might explain it. But if I wanted to rebuild my prawn farm in Vietnam, how would I get in touch with CA? When they get capasity that is, as they were too busy (?) now.
When Garret bought 470.000 shares and suddenly held 5,1 mill, is it possible that the sudden and not filed increase, is explained by this also? That he actually, at this point, holds collateral shares distributed to the "lenders"? And later return them and reduce his ownership?
God, it would be easier if the company could provide more info soon,as indicated on last CC.
Anyone, I'm looking for homepage and employees at CA. Anyone know where its hidden? Also, very few SIAF people on Linkedin.
You can track outstanding shares at https://www.otcmarkets.com/stock/SIAF/profile
No change has been reported since 7 Nov 17, and most posters believe in reduction soon, based on expected payback of loans.
Link
insert-text-here
You can also look down to your right on this page. Strange your boys have been to China, but youre boys cant help you find a simple filing.
I also think media puts pressure on the management, which actually can support the shareholders. It could help them understand where to take action and get positive pressure, as it seems us owners are struggling to get through on the AGM...
Edit:
I also had a long talk with a journalist in seafood media today and told him about the new holdings of D'Alexandro. And that we where trading at 2,5-3%. But it seemed that they were not interested anymore. It's not strange at all, because now the seafood part is not to be traded on Merkur.
But I will give him another call when the loan is announced (or if/when)
I have contacted Broadridge today and passed copy of the filings and referred to the company page at OTC showing O/S from 7th Nov 17. It's not acceptable that we are not kept up to date about O/S, and this kind of attitude does not build trust. Why the hell don't they just do the right thing and keep this tidy?
Media attention is better then no attention IMO. At least we get noticed and I think it gives the company credibility, especially when media visits the premisis etc.
And Peter answered. It was a short, concrete answer. The situation is nothing to do about, other then be honest. Last time, they used a week or two to answer Undercurrent in a memo which was very long. It was too much, too late. Memo itself is ok, but not for media response.
I agree Empty. It was presented as ready for signing, which i.e would involve credit comittee or even the board. Typically they would run a meeting or two per month.
I guessed 90-100% getting the loan 1-15.Feb sometime. It was a guess based on an assumtion that ONE of the five banks might be slow, and that would make all the others wait as a syndicated loan is to be presented by the lead bank on behalf of the other four.
But hell, what do I know. I'm guessing based on info from the company. They might even PR it in two hours for all I know.
Yes, as I wrote: We agree that in this company the A shareholders run the AGM.
We agree that in this company the A shareholders run the AGM.
I hold many board positions, and the main reason for BOD suggestions passsing, is that a professional board has some communications with owners early on, and gets a good idea what they would prefer. Then they offset this with company interest and need to keep integrity. And yes, upon disagreement the board or members might pull out or be changed.
No, I disagree. That was also the reason why the AGM agenda contained dividend on the agenda.
"• Ratification of director's actions: The shareholders approve and ratify (or not) the decisions made by the board of directors over the previous year. This often includes the payment of a dividend. "
Read more: Annual General Meeting - AGM https://www.investopedia.com/terms/a/agm.asp#ixzz52mBPPznq ;
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I'll leave that challenge to someone succesful in getting an answer.
Not Peter, Erik or KCSA never answered me. I was at that point looking into TRW owners.
The answer is incorrect. It's a shareholders decition regarding dividends, not the board. The board would only supply advice and rationale for their view.
The shareholders decide such on an AGM. Peter would know this, if they had one more frequently.
It's of high importance. The root cause of all scam claims, are related to if the company is or is not making money. I am convinced that showing how the earnings have been spent, will be of high value as it will highlight the money which has been earned and invested.
Also, this will party explain how the balance keeps growing. Concidering we own a company where balance is priced at 2,5%, it feels like madness to continue streaming all free CF into even more balance!. Every dollar spent turns into $0,025 shareholder value.
It might also tell us where to expect opportunity for sale or refinance opportunity, in order to free cash to make war on the share price.
Yes, I think it is not clear from the 10K and would appreciate to understand this better.
From the CF this year, I could claim they spent max on capex, after financials were taken care of.
So with our business ex TRW, what was so critical to spend $22 mill on? I don't have any claim about this, I actually wonder where it went.
There is delay, but you are not looking at emergency break here. Its close to all operations CF going out, but the plan implied cash accumulation, not only to reduce parallell to falling profits.
Think about it TS, why did we have to spend so much on what? Remember this is ex TRW.
I recommend you to also read his previous posts.
Even better, He has actually claimed it himself in a recent post!
Capex Q1-Q3 17 at nearly $23 mill. I don't know what it all went to, but its for sure not put on hold. Its close to our market cap, and just imagine if we had a $1 cash dividend ahead istead...
Look at link below, choose cash Flow and then choose quarterly. You will see $27 mill from operations in 2017, 22$ mill spent on capex and the rest approx $4 on financing (net loan payments).
This is why SIAF IMMEDIATELY must stop capex! They need to support the share in stead of exploiting it for growth!
Business decitions to be based on cash flow #1, and gross margins secondly.
Link:
insert-text-here
Yes, and thank you Dough for bringing this New perspective to the table. It suggests a more ordinary explanation, than i. e that collateral are printet in the dark, not reported and then dumped.
I think my totalt lack of know how about OTC, has led me into a too narrow chase towards the company. In my world, we don't have lenders who turn against the company . BUT SIAF needs to deliver a lot very fast now to rescue last stand of credibility and turn this around.
RD and Rock. From my experience, the way Dan spoke about the loan process, my guess is a closed loan 30-45 days from now.
Good luck with your Investments, Im still on the same train.
And a happy New year to all fellow owners!
Anyone bother to check it out now?
Or hiring RD for a board position. He is well qualified.
was there this level of proof and visits to the chiscams which some believe this might be? So many people seen the fasilities? Holding presentations? Receiving Undercurrent visits? I don't really think so. But they should communicate regulary to the market, at least once a month.
No, FD is clearly not an idiot. I have in previous post stated the opposite - that FD in a CC, is convincing.
When a poster claims to have been sevaral times at the premisis, I would appreciate if he could acknowledge more around what he actually was shown.
But I guess your point is that we do not need that evidence, as FDs work with SIAF is proof enough. And even more, Tony, for taking on the role he has in the company. Also, the aquaculture part of the company is much easier to assess due to its large constructions and inventory not like cattle og bags of fertilizer. If the management started to deliver on their statements (F1, dividends, AGM), the distrust could have been avoided.
With todays PPS, the aqua part alone should normally be enough to buy shares.
Thats the one. I got reply within an hour. Try again if you like.
2016cc. Six months later, the same abbotoir was shut down. So much for value of guidance...
Yes KS, done it all. But I am still looking for activity to support our $800 balance.
I.e we produced 8.999 of seafood which is 1.5 truck a day. Not sure if we can find that activity in those photos. And wasnt Tony holding a presentation saying 2.500 tons? Not sure how to read the difference.
And I want to see a TRW management separate from SIAF. Tony should be CEO and we need a CFO ASAP. Are we really risking the loan in lack of a CFO? Invisible Dan is not on the TRW website.
Scary yes. For sure we would like the memo transparent Dan promised us. Or can't we bear the truth? Its free to give information.
Other free things, not needing to await loan:
1. Annual general meeting. Its their duty to arrange this for their OWNERS. Their agenda this autumn was published by mistake? Well, just run one now and do an extraordinar GM.
2. TRW dividends
3. Real TRW COSO. TRW lacks separate management. On the web page you get one team clicking Investor relation button, and another team clicking MANAGEMENT. Which one is real?
4. PR and Ahl to answer my mails around TRW owners.
How can 0,7m be traded today and no filings?? Only retailers? Sure.
TS: Did you get response with Broadridge? Please share, I find it to be important
Any view on where these shares are coming from, and if they are actually changing hands?
How on earth can the this mass of shareholders, move 0,7m in one single day? If these are real sales, there must be some big shareholder selling. My biggest fear is always the insiders - that they don't see a value here. But no filing is indicating this. I tried to contact Broadridge, and they replied FAST. But with a fill-in table, which I understood meant I had to hold stocks at OTC before they could help. I was just trying to get info in their contact with SIAF was up and running as normal.
Rockhill was has bought more I read in a post, and their lawyer was working on filing it (?).
TS - Broadridge must have responded by now?
And fyi, Erik Ahl, Peter and KCSA never responded on my mails. Very reassuring indeed.
siaf ihubber 2017 - winner
I think we can claim a winner in this informal competition before Christmas. RD aka RealDutch - congratulations!
Runner up is TS aka The Swede!
Thanks to both of you for spending time to share your views and different angles with fellow shareholders. I am sure I speak for everyone here when I say its highly appreciated! This is also proved from several posts on this subject.
Wish you all a Merry Christmast! And pray for a Happy New Year :)