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Strange. The bidside on Merkur has been rather strong the past few days, with a steady 1.5 as many shares on bid than on ask.
I will be really angry
You've talked to the company? Any info when it was scheduled, when it was rescheduled, to when, and - most important - why?
So it seems there will finally be live questions and answers tomorrow
You guys still don't get it
Recently, it was about quarterly dividends versus annual dividends
I still find myself convincing people that, NO, the friggin TRW loan does not matter
Or nothing The FY17-reports aren't where they are supposed to be on SIAFs homepage, so maybe they have planned for the CC for quite a while, but forgot to mention it... lol *sigh*
It would be nice though; we even have a song in Norwegian that praises May (come May you beautiful and mild/gentle). It would be very appreciated with some good news - especially for those longs who are getting close to having to fold - but it might not be gentle for the shorts! lol
The worst part is that as little as 10% of the cash they borrowed to TRW would have solved SIAFs problems, but Solomon wouldn't even do that - even though they just bragged about reducing capex.
Solomon should have a really good plan to defend that priority! (like buying the additional 8% of TRW dirt cheap, although I'm not sure that is good enough to defend the decision from a shareholders perspective)
I can't believe it's legal - even under normal circumstances (now take into consideration that he made this scheme after Yap left, and also add the ECAB-dilution, the BS about TRW-dividend 2017, and Garrets toxic note - noway anyone could get away with this on the main board on Oslo Børs)
they strongly suggest in the 10-K that there will be a dividend announcement
SIAF anticipates being able to payout a cash dividend sometime in 2018, with the intent of increasing its dividend payment to shareholders as the IOA’s develop and provide stronger dividends to the Company. More details regarding distribution of a cash dividend in 2018 will be made available in the Company’s Q1 2018 report due in May, allowing the Board additional time to assess both the amount and timing of the dividend based on current activity, still underway.
didn’t they indicate that Hong Kong rules, requires them to sustain major control of TRW until listed?
What are the chances of ripping TRW of his hands? Being a HK company that is. Is that easier than an ordinary chinese company?
They basically said that we would get 0.85 TRW-shares pr SIAF-share last summer. If we were able to force that amount of shares from SIAF, then Solomon would feel the pain since his dilution since then would mean that his share of the remaining TRW would decrease.
Of course, such a thing would have to be followed by him being kicked out of TRW.
Neither are going to happen I guess.
I really don't see what any of us can do except sue for breach of fiduciary duty
This the sort of stuff they might be dangerous for SIAF. They can make excuses, things do change from time to time that can explain why they change course, but when the PPS drops 80% in one year (after dropping 80% the year before) and the actions they say they will take - and could have - would have stopped the declining PPS, then Solomon is playing with fire. Unfortunately, we're the ones that gets burned, not Solomon.
FY17 doesn't even show up here; http://sinoagrofood.investorroom.com/financial_statements
I now it is other places on their homepage, but why isn't it where it's supposed to be? Don't they have time, have they forgotten, or are they waiting for the loan?
On hold till the loan is closed?
I had hoped they would be willing and able to pay a dividend even without long term financing.
What happened to the forum that used to be informative?
Imagine what Solomon could have achieved with a proper advisor
CA will only start the construction of the MWP farm only when Tri-way has secured sufficient financing to have it constructed
I would personally not bother about distributing the other 5.6%
Since Siaf is paying 10,5% interest on this they will basically pay ECAB almost 38 million dollars in cash + those shares they got for free
I guess that most newly issued shares are collateral and not dilutive.
One reason to ditch OTC and go all in on Merkur
It's not what it sounds It means that they have the right to jump in on any financial deal, i.e they get to refuse it first (before it goes on to someone else, like Garret).
They had the "right of first refusal", but I assume that is lost now after the restructuring (they might have wanted to take D'Alessandro's deal if they were able to)
I haven't seen any article saying he is out though.
It doesn't make much sense for him to complain to OSE&SEC after he's out, or while he's selling. Maybe he's trying to force Solomon to deliver, i.e start the dividends?
If he's out in the news saying that he is dumping all shares - before a possible investigation from OSE btw - he must be short
Edit; Or he might try to scare retail so that he can get a lot of cheap shares.
What is strange in this whole mess is that Fredly is very angry and disappointed, whereas Garrett is very easy without too many concerns
They are more or less acting that they are certain that the loan will be closed - not that that is a guarantee of anything though.
One thing that puzzles me is the trading these days. I haven't paid much attention for a few months, but earlier there were hardly ever any large bids (or asks) on OTC, now there are a few every day.
Also, at least at the moment, there doesn't seem to be any dumping. Has something changed, or has the dumpers only taken a short break?
I believe it was the interest for the remaining time of the note (and possible some unpaid interest, I haven't checked). We did have to book a loss of 6MUSD from it as well;
As a result, the amount outstanding under Note 1 was reclassified as other payables – straight note payable of $29,367,999 (see Note 22) and a loss on
restructuring of $6,225,204 which representing the non-amortized part of the discount upon the issuing of the convertible bond incurred during the
year.
What it states;
Both parties have agreed to restructure the indebtedness represented by the Note, as follows: (a) SIAF issues 5,196,333 shares of its common stock at $3.00
per common share and the transfer of 400,000 common shares of Tri-way Industries Ltd. to the Note holder; and (b) SIAF executes a new promissory note in
the principal amount of $15,589,000 to the Note holder to be paid in installments over a period of time. However, both parties remain open to negotiate an
all-cash settlement of the Note
On July 18, 2017, the Company and the note holder entered into a restructuring agreement regarding the settlement of the Note as follows:
(i) 50% in cash settlement of $15,589,000 to be paid in monthly installments.
(ii) The other 50% balance of $15,589,000 to be settled by the issuance of 5,196,333 common shares of the Company and 400,000 shares of Tri-way
Industries Limited.
My interpretation is
The Company and the note holder entered into a restructuring agreement regarding the settlement of the Note 1. Both parties have agreed to restructure
the indebtedness represented by Note 1 as follows: (a) SIAF issues 5,196,333 shares of its common stock and transfer 400,000 shares of TRW to the note
holder; and (b) SIAF executes a new promissory note in the principal amount of $15,589,000 to the note holder to be paid in installments over a period
of time. However, both parties remain open to negotiate an all-cash settlement of the Note 1.
Let’s see if the company will respond to the new article
No AGM until they close the loan I guess, unless Merkur forces them to that is.
lol Yes, I did consider writing "only" and not only
I guess the last rise in PPS over the past few days is caused by ihub'ers who have regained some faith that the loan will be closed soon. Let's see if Solomon is able to disappoint us again, or if he will pull through this time.
They only need to start to deliver...
The trading on OTC seems different today though; not the usual 100 shares on bid and ask, but 1000, 2500 and 5000. Has the MMs stopped messing with us, or is it a change in stragegy? (or have we suddenly gained some liquidity?)
You selfish bastard! After not buying for months I finally decided to grab a few shares on Merkur today, but you just had to grab them, hadn't you? *grr* lol
Seems like there has been some people on ihub buying shares the past days. I wonder if we have some new shareholders as well?
Seems like they have been anticipating the TRW $100M loan all this time, since december
Repayment of loan (1) by Triway
Repayment of loan (2) by Triway