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aqua; I have to slightly disagree with you. I don't think they ever had any intentions of distributing the TRW-shares last summer, at any point. That was just a scam to pump the PPS.
However, I do believe that they do intend to distribute the TRW-shares, but not as long as it might affect TRW and/or SIAF in any bad way. Hence the intentions of ditributing TRW-shares in Q3 this year should be regarded as a best-case scenario if hell freezes (i.e the loan closes and there is no hindrances from pre-IPO, the IPO or the listing). We might end up having to wait for those shares until H2/2020... If so, then we should sue SIAF so that they need to distribute those shares before we are even more diluted, and we could also sue Solomon & BOD/management for heavy, deliberate and continous breach of fidicuary duty
Yes, but he still has a fiduciary duty - a duty he has "ignored". In any other country but China he could have been overthrown in spite of his a-shares IMO.
Also, we could instill a massive lawsuit - one option could be to demand SIAF to distribute the 2/3 of the 18.3% TRW-shares that they can distribute without any tax burden. Again; in any other country than China this could be achieved IMO (but I'm not a lawyer).
Garret; I appreciate your thoughts and insights, but from a retail perspective the advice of "just try to be patient" doesn't work anymore. Solomon has proven that there is no limits to how much - and at how low a price - he will dilute.
The implosion of the PPS is painful and - in my opinion - SIAF not defending the PPS (but actually depressing it further through destroying every piece of credibility) is unforgivable, but we've tried to be patient since the damage is temporary (luckily I haven't been a shareholder for as long as you and many others on this board has). However things have changed; Solomon has made sure that the damage is permanent with the ECAB-dilution and then your toxic note. This time he has gone to far and the risk of massive lawsuits is now a real possibility that I personally think we - the retailers - should consider before he dilutes us even more. Now you have some protection through the toxic note, but What if SIAF goes dark?
Like RD I would urge you to remove the toxic part of the note. For us retailers the possibility of a 2.6 million share dilution at 6% of book is already more than painful enough, and I understand why you would want it to be a toxic note, but the toxicness of the note should fend of most (if not all) potential new shareholders, hence making sure the PPS stays depressed until SIAF delivers significantly. At which time there might not be any SIAF left anymore.
Mera; Solomon has deliberately been issuing false and misleading PRs. You can't blame investors for acting upon PRs and statements from a company - if that's what you believe, then I expect you to never ever read ANY PR from ANY company EVER again.
Merkur is closed tomorrow, so it will be interesting to see how OTC fares without Merkur.
Both ended slightly green today, with OTC closing 8% below Merkur. That's more or less where OTC "wants" to be compared to Merkur, so let's see if we get dumping, no/neutral trading, or if OTC for once wants to keep up with Merkur and/or take the lead.
Before the ECAB-deal Solomon might have been able to pull of 10%, but now 20% is more likely. Since we are close to 50% more shares that mean that SIAF now has to spend 3 times as much for a cash dividend than one year ago (to get the same PPS). Congratulations, Solomon.
That 3 times is more or less permanent as well (the 50% is, and we might have lasting effects of trust-issue, so say 2 times and not 3 times), so the extra money needed to increase the PPS in the future will "soon" be higher than the money he chose to spend on/transfer to TRW instead of protecting the PPS and avoid dilution. Way to go, Solomon.
The toxic note is a double-edged sword for Garret; currently he has some protection from a low PPS&dilution (since the low PPS follows the dilution), but at the same time this should mean that nothing will get the PPS up but serious actions from the company.
And, since we now have the possibilty of a heavy dilution, people should be very careful with investing in SIAF. Hence, the actions neeeded to be taken form the company now is larger than what they had needed to be without the note.
So the toxic note gives him some protection, but it also "guarantees" a low PPS until there is decent action from the company (it might even force the PPS down faster than without the note, accelerating the spiral and now also converting the spiral into a true death spiral)
Our only hope is that Solomon starts with a 5-10 cents/quarter dividend before Garret converts, and that Garret feels the pain of retail shareholders and decides to dilute as little as possible. Hopefully Garret also realizes that the likelihood of a lawsuit against Solomon and/or SIAF increases with the amount of shares that is converted in the toxic note.
Well, he could use this years future profit. Should be easy to fix - if he wanted to, but no - he'll sacrifice us. That's why we should try to force them to do the TRW-dividend asap - before we suffer from even more dilution.
Yes, but either the Megafarm-partners hate Solomon so that Solomon has no influence in this case (which seems odd), or Solomon hates SIAF shareholders. Not sure which one I prefer, but Solomon might soon learn what it means when he turn the hope&faith of longs into hatred.
Don't know if we're having dumping at the moment? I haven't really paid much attention.
Congratulations to Solomon though; we're closing in on a PPS of 1% of book. He might not be able to get to that point before the Q1-report (the heavy dilution in 2017, i.e book value pr shares is heavily reduced even though they hide it by average number of shares and also having the ECAB-shares "issued" in 2018 and not 2017), but he for sure will be able to achieve that goal as a response to the Q1-report if they don't give us a PR (or a commitment that the market trusts) of dividends before or in the Q1-report.
Again; The TRW-dividend in Q3 is 0.5-3.5 months away... Does anyone believe that they will deliver this time? (if so, then this might be a perfect time to load up. If not, then...)
And he basically sold 20% of the company to ECAB for 1.5 years of interest for a loan at 3% of book value... That could easily have been avoided if SIAF had used the capex on repaying the loan and/or support the PPS with actions and not fluffy words.
OTC actually faired quite "well" today, down only 0.71% - and with a discount of "only" 6.7% compared to Merkur. I.e we might see the green colour on Merkur tomorrow, I wonder if OTC will care if Merkur does go green or if it will drag Merkur down again.
It shows up as a holiday on SIAFs calendar, but it seems that it actually is the 28th this year?
Nordnet claims the stock markets in the US is closed on the 28th, not the 29th
https://www.nordnet.no/mux/web/marknaden/marknadsinformation/handelskalender.html
Also, timeanddate has the 28th and not the 29th as the holiday;
https://www.timeanddate.com/calendar/?year=2018&country=1
The extended deadline is the 22nd, not the 30th. I.e the CC is set to one week after the extended deadline - two weeks after the regular deadline.
Normally they would have delayed the CC another two weeks, so I guess they chose to listen to you this time
I think most of us would have benefited from being in a coma and wake up after the loan is closed...
At least we might get the CC in H1... Actually, if they use the automatic extension for the Q1-report AND have the CC also for the Q1, then they will actually have the CC one week after the Q1-report - now that isn't too bad. One might even call it an improvement
Well, the link is up and running again - with a changed date to May 29th.
https://tv.streamfabriken.com/sino-agro-food-fy-2017
If so, will it be a FY17 CC, a Q1-CC or a combined?
If it is a Q1-CC then emptyone should be happy - only 1 (or 2) weeks from the Q1-report. Not too bad