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I might have to wait a week or three before I am able to buy more.
Hopefully it will turn around soon enough to avoid RD, aandt and others to have to sell before the turn-around. If we are able to close TRW-financing (loan and/or pre-IPO) then we should have seen the bottom now. If not, then I hope Solomon is begging as hard as he can to Garret and that Garret is willing to invest even more (i.e a convertible loan for TRW-shares or - even better - pure interest).
The only thing we need is to delay SIAFs financial commitments until TRW gets the loan or the pre-IPO.
My simple view is that buying today will give a tremendous return
2. Still targeting 100MUSD + possible two-three lines of credits. Still having hurdles though, like being able to use the land as collateral (seems like they are working on that part, but that this only one exemple) - same hurdles for the additional lines of credit I believe
I still do not understand what you think is a better way?
You haven't heard the CC then? At least they claimed that the cash dividend was caused by shareholders requesting it.
Imagine buying now instead!
I am angry, maybe most about buying to many shares to early.
Worthless shares that is
what is it you hope to accomplish? I can not understand that
Do you really believe that management and the board have a lot to say? Do you think that Nisse was the one to suggest a toxic employment agreement for Solomon? After the implosion of the PPS?
So you think that you know better than Solomon, management and the board?
Sorry, I jumped to the conclusion that when you wrote that he CAN go dark - as an argument against a lawsuit - that you were warning us that he might go dark because of a lawsuit (if you meant that "he can, but he will not" then I don't see the relevance of your post).
With what money do you think Solomon can pay?
He is one of the biggest losers so far!
He is getting paid in shares that you guys say he is destroying....
The main problem is that he isn't straight and honest with us; I have a feeling that when they say they didn't want to sell AR with a loss, the reality is that they are unable to (because the partner refuses to take a loss).
Now Solomon is caught in a web of mismanagement, unfortunate events, carrots, well-meaning "promises" and misleading statements. If he had been upfront and honest with us and his friends, then he would have had enough credibility to avoid being in the situation we are in today.
Who do you think shall pay first the lawyers and then the shareholders?
Solomon can go dark any day if he wants
What you are proposing to the longtimers is to lose everything and wait 3-4-5 years for nothing
OK, they did adress this slightly in the CC (from 44.10).
From the 10-K;
In addition to the above, distribution timing of TRW shares has also been curtailed due to the sensitivity of conventional lending (i.e. a $100 million loan organized through a 5-bank syndicate in addition to two, possibly three, Stand-by Letters of Credit) and pre-IPO preparations that are underway, which TRW’s advisors have requested are best served if no major change in ownership structure takes place beyond the structure existing at the time of carve-out. As these exercises move forward, the Company will determine an amenable time when the distribution of TRW ownership to SIAF shareholders appears less likely to affect their outcome. Tentatively, the Company aims/targets having a portion or all the intended 18.3% ownership in TRW distributed to SIAF shareholders sometime in Q3 2018
The Company wishes to inform its shareholders that it continues to work toward a means of providing its shareholders with share ownership in Tri-way as it had intended since the carve-out of the Tri-way subsidiary. To date, an option allowing for an almost tax-free burden to the Company appears to have materialized while still providing shareholders an 18.3% distribution of Tri-way’s fair-market value. The Company intends to issue the details of the course of action it seeks to implement in its Q2 2018 report, once the final details of the arrangement have been cleared and readied for implementation.
Did they say anything about pre-IPO in the CC Q1/18? (I'm not to eager to relisten to it lol)
From transcripts from Q1/17 (https://seekingalpha.com/article/4080468-sino-agro-foods-siaf-ceo-solomon-lee-q1-2017-results-earnings-call-transcript?part=single);
Peter Grossman
Do you have any independent confirmation that full year income is likely to receive a peer group valuation upon IPO, say PE even 10 which would result even without a ramp up are the market value more than Sino Agro's current entire company valuation?
Dan Ritchey
Well, this is going back to our concerns in DBS in particular and they do believe and again I don’t -- and again not to say that they are looking to business but with regard to going through the sector size as long as they have had to and with respect to it -- for them for their own bottom line requiring us to get any listing. We have to look at their expertise when it comes to their perception and what they are saying is that right now they believe that 10 to 12 PE valuation can be achieved with a preferably two year carve-out. And by the time we get to Q3 of 2018, it will have been just about two years since Q1 if 2016. But basically they show that -- that demonstrated a ramp in sales throughout that period prior to the time of IPO. So yes they are looking it about 10 to 12 PE at initial public offering.
I thought you were referring to SIAF's TRW-shares, and not dilution of TRW.
Well, a dilution of TRW (at book or above) might be an option - however, if it is going to help SIAF's cash-flow then they have to change the credit terms or use part of the gained money to repay what the owe SIAF.
Alternatively, SIAF could acquire the 8.7% for $29M and sell those shares
Sure? from the link snow provided insiders are not allowed to trade until 6 months after it has been official (so the market fully can absorb the news). If Garret falls into that category then he can't trade until 6 months after the Q1-report where it was publically known that they had changed the terms of his note. He might not fall into that category though, I don't know.
If he has other inside information - which I have no indications that he has - then I hope it is another loan (to prevent further dilution) where he only has the option to convert to TRW-shares at 3.4$ (or SIAF-shares at book value, but not the current PPS of SIAF-shares)
Not sure if Garret is allowed to buy share at the moment? At least if he falls into the definition of insider (cfr snow's posts below) - not quite sure whether he does or not, but he did have inside information (the toxic note + that it was going to be changed), does that give him a 6 month "ban" as well?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141200429
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141188249
the obvious solution would be to sell 10M TRW shares for $3.40 to whoever wants it
But the problem is that Solomon has been spending most of his time on the loan instead of looking at other options
Next step is selling assets/equity for close to fair value
Loan will be good, but not necessary
AF1-3 I believe, and targeting June. I hope they'll include AF4 as well though (give us the ugly as well, it will give SIAF more credibility and also kill some uncertainty). Should give us a (temporary?) boost to the PPS I guess.
Up to 40 million outstanding was what I heard as well
I don't expect to hear anything from the company until the Q2 report at the end of August
209k shares in one go? Interesting.
I don't think dumpers have been using Merkur, although they should since the PPS at Merkur normally has a nice premium to OTC.
That's SHOCKING - you're saying that Solomon LISTENED to someone? That's breaking news! lol So Shawn should (?) be angry with you and not Solomon then - seems like he really needed the money as well.
Thanks. The TRW-deal is more fair it seems.
This was in 2014/2015 sometime? So way before he got discharged from his old employer in 2010, and also before he got suspended in 2013 and found liable to his old employer - but maybe before the judgements against him in october and november 2015?
Seems like Solomon dodged the bullet on this one - so there is SOME judgement skill in him
RD Care to repost the link for the deal that Solomon were about to make with Shawn and then backed-up after realizing that he was about to be scammed?
Without dilution yes, with dilution no. Post-TRW dividend yes
Not offical on Merkur yet, but I assume it's the same batch of 55 cents. I.e old "fun"/sins, the previous last resort.
Solomon; man up and beg Garret to help you (more). He doesn't owe you anything and might say no (so quit BSing if it isn't to late already), but maybe he'll be willing to buy some TRW-shares at fair value in stead of destroying the SIAF share.
Which few? Garret said that his ears doesn't work
I like that there IS a dividend plan, and that they also added 2019 in it (that was wise), but semi-annual might not give the support that we need.
We can see some changes already, right?
Solomon will execute his plan
Nobody will help that loser
Perhaps shareholders can push management to start collecting on these debts owed to us
some people actually want me to repeat what was said on the CC
You forgot to mention deceiving.
In the CC they said that they didn't want to sell AR or whatnot with a discount because they didn't want to book a loss when the AR were reliable. I don't think that even Solomon is that deaf and stupid to sell at 2% of book if he can sell AR at a 25% discount. I think they're BSing us again, and that the real reason is that he can't ask the JVs to sell ARs at a discount to remedy for SIAFs financial issues (and/or that the JVs refuse to book a loss).
What I don't get is whether Solomon is BSing every friend he has (had), if he doesn't beg those friends for help, or if he already had burned too many bridges and lost too many friends to get any help (i.e did Garret put a limit at 4MUSD or didn't Solomon ask for help to avoid those shares at 55cents?)
The important part, is that they give answer's to all the serious question's
Was Undercurrent right?
And what was the rebuttal - is that not the correct story now?
During 2017 (Q1 to Q3) we managed to organize enough Stage 1 and Stage 2 growers (or sub-contracted farmers including growers in our open dam farms) to support FF1 (AF1) and PF1 (AF2) in the final stage’s grow-out of Pearl Grouper and Jade Perch. We are still organizing Stage (1 & 2) growers in AF4 & AF5’s open dam property (of 800 Mu). If all moves effectively we aim to organize enough production to support 12 APM units in AF4 to start the final staged grow-out of Mandarin Fish starting from Q2 2018
lack of funding to build water treatment facilities for incoming source water and outgoing waste water, the water-heating facility, the R&D and product quality control laboratories, lack of trained technical staff, the unfamiliarity of the project, and the inexperience of the existing management team on the operation of a RAS farm of this magnitude
pho I'm not going to bash them for not having a live CC. Sure it might be viewed as being cowards, but with the (rightful) fury that some callers might have it is probably not very constructively to take live calls...
There might also be a second agenda though; that there are some questions that they are afraid that we'll ask.
Since we already know that the questions aren't live, and some people struggle with the audio, I think they should have given us their answers on powerpointslides - it would be much easier to follow their replies.
Almost didn't catch you reply, nef.
I'll give you a few examples (trying not to refer to SIAFs filings);
1) Siaf has never paid dividends/only paid dividend once before - debunked even by former shareholders (you can probably find filings at SEC as well that debunks this one)
2) There's no funds in capex - contradicts pictures that RD and others have provided from satelite images (don't remember if undercurrentnews wrote about the boiler?)
3) no harvests - contradicts various presentations that Tony has given
4) only cheap cement pouring - contradicted by the pictures undercurrentnews took when they visited AF4 in september
5) SIAF having given away the AFs to TRW - SIAF has never claimed to own 100% of AF1-4
6) No pictures with SIAFs/TRWs name - debunked by aandt (I'll provide a link below to some of this)
You get the drift.
There are also pure BS being spread as "proof" of SIAF being a scam, such as a low/declining PPS. However, even if Seadrill has had a steeper decline this argument doesn't apply to Seadrill (it would also mean that all companies were a scam during the financial crisis! lol)
Not to mention all the wild claims that are being put forth as facts.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141099129
Yes, indeed - was there just some more dumping today? (OS up again tomorrow?)
However, he didn't get much support from shareholders when he dumped shares behind our backs either - he has lost too much credibility, and those lies that are being spread doesn't help. I hope Garret is pushing him hard and showing him that he needs a western-oriented CEO before Solomon destroys the company, however I guess that Solomon would have too much pride to leave the ship in the middle of the storm and that he wants to be the one to guide it through the storm (even if that means that we'll take a bad route out of the storm) - why can't he leave now and point to that he had started to right the ship? *hint hint*
I guess SIAF could choose to file a legal complaint if they wanted, assuming that they have proof of where these lies stems from. However, I don't think SIAF would bother about the legal actions and fees involved. Would have been fun though