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I plan to make an audio recording of the presentation.
Siaf May 31 [2011-05-18 02:39]
There are few places left for the presentation of SINO AGRO FOOD May 31 18:30 in Stockholm City. Any interested (non-JF-members) with shares of the Company may have come upon availability. Please e-mail in which case the address nisse.jordanfonden JF @ bredband.net and tell them you want to come, so you get answers to availability.
Siaf comes with CEO, CFO, subsidiary managers + IR, so you are guaranteed to answer all questions. It is likely that the company with the news too
I've just been told that I may attend the presentation in Stockholm which is on Tuesday, May 31. It will be really interesting.
JF wrote in August:
"exemption for another four years, then probably another 5 years".
There is no time limit.
Under new tax legislation of China beginning January 2008, the agriculture, dairy and fishery sectors are exempted from
enterprise income taxes.
I havn´t find any for the q and a.
http://www.sec.gov/Archives/edgar/data/1488419/000114420411023484/v219403_ex99-2.htm
http://www.sec.gov/Archives/edgar/data/1488419/000114420411023484/v219403_ex99-4.htm
I found the part about the eel farm here
http://www.sec.gov/Archives/edgar/data/1488419/000114420411023484/
Here is my copy of the cc
http://www.speedyshare.com/files/28112199/Sino_Agro_Food_CC_20110421.WMA
On the cc Solomon said "In 2011 our operation targets are
to secure up to 4 consultant and servicing contracts to build a prawn farm, an eel farm and two more fish farms".
http://www.sec.gov/Archives/edgar/data/1488419/000114420411023484/v219403_ex99-3.htm
I think they are negotiating to build an eel farm, otherwise he would have said fish farm.
Hopefully, it will be an order pretty soon.
I do not know which other companies are invited.
Last year attended Africa Oil, Shamaran and SEMAFO.
I believe it is May 30.
JF usually say that about 30% are owned by Swedes, but it is only an estimate.
I have no feeling that the Swedes have sold recently.
Of course we are very disappointed with the share price, but I think most of us have very high hopes for the coming years.
I guess that it is only one Nisse Sandberg.
Fund itself is probably not so great. They manage money for a table tennis club, this is their most famous player. He is more famous than Michael Jordan in China. http://en.wikipedia.org/wiki/Jan-Ove_Waldner
If you have questions about JF you should mail
nisse.jordanfonden@bredband.net
http://translate.google.se/translate?js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&sl=sv&tl=en&u=http%3A%2F%2Fdi.se%2FTemplates%2FPublic%2FPages%2FArticlePrint.aspx%3Fpl%3D201188__ArticlePageProvider
http://translate.google.se/translate?js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&sl=sv&tl=en&u=http%3A%2F%2Fdi.se%2FTemplates%2FPublic%2FPages%2FArticlePrint.aspx%3Fpl%3D35080__ArticlePageProvider
http://translate.google.se/translate?js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&sl=sv&tl=en&u=http%3A%2F%2Fwww.affarsvarlden.se%2Fhem%2Fnyheter%2Farticle813802.ece
http://translate.google.se/translate?js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&sl=sv&tl=en&u=http%3A%2F%2Fwwwc.aftonbladet.se%2Fekonomi%2F9806%2F13%2Ffond5.html
I have friends who are members of the JF. But JF is a pretty closed group, they tend not to tell what is being said internally. JF usually write on their website that they want outsiders to know JF has every year a large dinner for its members and they usually invite an interesting company to make a presentation. This year they have invited Siaf. I do not know what day it is but I think it's in the end of the month.
JF will surely write on their site about some of what is said at the meeting.
JF has a few companies they see as very long-term holdings, and they follow these companies closely. They usually invite the company to Stockholm and they usually go and visit the company every year to study in detail the development.
The trip in September is a follow-up on the trip JF did in August.
I made a copy of the cc and spread it in swedish message boards
and so far it has been downloaded 140 times.
From: <chad.sykes@sinoagrofood.com>
Date: 2011/5/4
Subject: Re:
To:
A decision has not been made yet.
Warm Regards,
Chad Sykes
-----Original Message-----
From:
Sent: Saturday, April 30, 2011 07:44 AM
To: 'chad.sykes'
Will there be a conference call after the q1 report?
Very short commentary from JF:
"SINO AGRO market has remained not understood on. Maybe it will be better when it comes to Sweden next month for a detailed update, ended today 0.93".
I will not write many comments in the near future. I'll focus on getting in shape to the Stockholm Marathon.
I think that Siaf should be listed in Asia instead of on the Nasdaq.
Siaf should be listed where the valuation is higher, then I do not care about whether the stock market is on the moon. Trading for Americans and Swedes can always be resolved by ADR.
The debate is whether the capital gain was included in 39 cents or not, therefore, I mentioned the figure.
No, I didn´t. 8,4 is the profit Siaf made when they sold Dairy.
You wrote that you have listened to the CC so you ought to know about it.
"Those profits were in excess of 10 million dollars and not 8.4 million dollars as Stringberg claimed".
Where did I claim that?
"the fish business, where revenues are guided to 600% growth. Think about that. They do not make these projections without knowledge. $30M in fish revenues absolutely confirms the hugely scalable business model, virtually guaranteeing $60M in 2012 revenues, maybe even $100M. Recall earlier targets of 4 new farms in 2011 and 8 in 2012".
He did not say anything about forecasts for 2012 and 2013 (it was forward looking statements) so we do not know for sure how many farms they are planning to sell.
As far as I know, the original forecast were fish farms with a production of 250 tons. I think it would have been better if the forecast was tons instead of the number of fish farms. There is a huge difference between 250 tons and 2000 tons.
"virtually guaranteeing $60M in 2012 revenues"
60 million is way too low. This year, they have management fees from four fish farms and fish sales for six months from one fish farm and it gives a total revenue of 32.2 million.
In 2012, they have management fees from perhaps eight fish farms. It is difficult to estimate the sale of fish because we do not know when the sale starts at each fish farm. But surely we should be able to assume fish sales from at least five fish farms, compared to six months from one fish farm this year.
I am very optimistic about the future for the fishery.
But I think it takes time before the rest of the stock market discover the great potential.
Many Swedes have had hopes of a share price approximately $3.5 - $4 at the end of the year. That it is unlikely to happen.
You must be aware that the dollar's collapse is very important for a Swedish shareholder. In July the exchange rate was USD 1 = 7.4 sec (Swedish crowns). Today 1 USD = 6.10 sec.
In November the share price was 1.80. I believe that the stock price at year end may be approximately 2.25. Converted to SEK, there is no increase in the PPS from November 2010 to December 2011.
That is why many Swedes think that 2011 is a lost year.
2012 and 2013 I believe will be very much better.
In particular, the listing in Hong Kong is extremely interesting.
I have no plans whatsoever to sell my shares.
In the Swedish messages boards people were disappointed with the report. Most just looked at earnings per share and had a bit hard to understand "loss on extinguishment of Debts". They very surprised by the sale of the Dairy. It's probably not so many who have heard cc. I have today written a lot about Siaf and also attached the link to my recording of cc.
It probably feels a bit like 2011 is a lost year. But I think most Swedes are optimistic as we look forward to 2012 and 2013. We are most interested in fishery and we now see that there is a huge growth in the sector. I think that everyone is very excited about the development for the fishery. But it will probably take a while before people get over the shock and disappointment over the sale of the Dairy.
I do not think the Swedes will be selling large quantities of shares.
I do not know what JF think. JF will probably comment on Sunday or Monday.
I have heard cc three times and I'm much more optimistic now than I was after the report. I try not to watch so much on the share price but to focus instead on how the company develops.
"Earnings per share are based on net profits and not gross profits".
Of course I know that. They never say net income of subsidiaries, just gross, I have just written what they said. You can hear yourself http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62368748
The profit from Dairy was 8,4.
They said 39 cents fully diluted. 43 cents basic.
They will redeem shares, but MR Lee didn´t say how many.
I have listened again and they said:
Total revenues 58,3
Gross profit 30,8
Fishery 19,5 Gross profit
HU 4,7 Gross profit
Beef etc. 6,4 Gross profit
They mentioned the gross profits from each subsidiary, so we should be able to figure out if the profits from Dairy is included or not.
He said that they plan to release the report May 15, but it may be delayed because of 1 May in China.
I recorded the CC and uploaded a copy.
http://www.speedyshare.com/files/28111134/Sino_Agro_Food_CC_20110421.WMA
"For example, in the US tax exempt accts such as IRAs are unable to hold foreign currencies (and hence shares) as it requires margin privileges to do so and that is disallowed in such accts. Not to mention few retail brokers allow foreign holdings even in taxable accts w margin".
There is no such thing in Sweden.
Our problem is that it costs much more to trade in Hong Kong than for example the United States. It is even more difficult. We have to call a broker to trade. There will not be much volume from Sweden. I fear that there must be a large IPO to get sufficient volume and I don´t like to be diluted.
ADRs listed in the U.S. is a good solution for us in Sweden.
When Siaf is listed on Nasdaq, we can trade online.
If they make a spin-off and list the shares in Hong Kong because they believe that the valuation will be higher then I think they should start by listing Siaf there. Why should they list on the Nasdaq if it is certain that the valuation is much higher abroad?
If we get shares in the subsidiaries, I am convinced that there will also be a listing in the U.S. It is difficult for Swedes to buy shares in Hong Kong and I'm guessing that it is also more difficult for you Americans, so it would hardly be any volume in Hong Kong.
If the shares will only be listed in Hong Kong they probably have to do an IPO.
"But if you sell the division that has been your area of expertise and big money maker, what would you want the capital for? Going in a totally new direction? Shifting gears to a nationwide distribution system?"
I do not think they will sell the entire division.
I guess that they will make an IPO and perhaps sell 50% of the company and keep the rest.
I don´t think that it´s that important to have a dual listing in Sweden if Siaf is listing the subsidiaries in Asia.
What is important is that either Siaf or the subsidiaries are listed outside the U.S.
I doubt that we will see a high valuation if there are only listing in the U.S.
However, I prefer a dual listing in Sweden and no sale of the subsidiaries.
The only reason that I see to list the subsidiaries is to raise more capital. Siaf will have very good cash flow so I think they should be able to continue to expand at a rapid pace without listing its subsidiaries.
I have not heard cc so I find it difficult to comment on what has been said. I don´t think that there will be listing in Sweden if all the subsidiaries are listed in Asia.
JF is closed this weekend. They are on a trip, they will be back 25 April.
http://www.angby.com/jsp/jordanfund/index.jsp
I forgot to mention that JF will visit Siaf in September.
Siaf will come to Sweden soon for a presentation. Unfortunately, no public meeting. It is only for JF's members and invited journalists and brokers.
Unfortunately, I am not a member and can not attend.
JF:
THURSDAY SINO AGRO FOOD [2011-04-18 20:22]
Reminder:
Thursday SIAF will hold it´s shareholder telephone conference where everybody may listen, concerning the report for 2010. It is good to listen because there should be a clarifying speech regarding the GAAP which should show that the company is in much better profit-shape than one can think of with only looking "once" at the report. If there by some reason there is no such speech, do ask yourself. Ask also about the situation regarding the SEC-report. Ready when?
So please attent the comnference. And be active.
First a major exchange then we can have a dual listing in 2-4 months.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61761348