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3xNo. Sorry can't help you with any of your questions.
Yes, I am still invested in SIAF.
Interesting article regarding the price development of seafood in China.
http://www.seafoodsource.com/news/supply-trade/seafood-prices-up-output-down-in-china?utm_source=informz&utm_medium=email&utm_campaign=newsletter&utm_content=newsletter
Hi, according to the reply from Tony O it should be like that. However, I think those production numbers were made before we knew the impact from Fin Fish. Otherwise, its a real disaster. Surprised that Tony wasn't on top of things. He should know better, but I guess he was given some prepared remarks that was totally wrong (hopefully).
Hi RD, there is a piece on HERB today on Seeking Alpha. The report was published before the 10K was out, so maybee some information is not up to date. The main shareholder of HERB, seems to be some local government in China. The Author of the report is Dutch as well. You know of him?
http://seekingalpha.com/article/4002968-mr-market-wrong-extremely-low-valuation-government-owned-agricultural-company
I can confirm that Skaret is still on board. Further more, that "fool " has actually bought some more shares after the q2 report.
Interesting article about shrimpfarming in China.
http://www.seafoodsource.com/news/aquaculture/china-s-shrimp-industry-still-leads-but-problems-loom?utm_source=informz&utm_medium=email&utm_campaign=newsletter&utm_content=newsletter
Have a Nice week-end
I found a fresh article on SIAF at Seeking Alpha for those of you that are interested. I found it fairly balanced.
http://seekingalpha.com/article/3978510-searching-new-investments-sino-agro-food?app=1&auth_param=bqr2p:1bknsjn:282627469369e1d11a460cc663e1bac0&uprof=44
JoeNatural, a week ago you promised to provide some more information regarding the "Whistelblower complaint". I have looked through Your posts, but could not find any information. If it has been deleted, please repost.
MaterialMind,I think I expressed myself a bit unclear in my previous post. What I meant to say, was that information about these shares that are now being allocated to management and employees should have been available in previous 10Q and 10K so we knew beforehand that more dilution would be coming.
I don't mind that management are rewarded properly, but they could at least have bought these shares in the market in order to avoid additional dilution.
More info from the admission document.
"Compensation committee
The compensation committee currently consists of the three independent directors, Mr. Nils Erik Sandberg, Mr. Yap
Koi Ming and Mr. Lim Chang Soh. The compensation committee has been adopted for the purpose of assisting the
Board of Directors in fulfilling its responsibilities to the shareholders, relating to developing policies and making
61
specific recommendations to the Board of Directors with respect to the direct and indirect compensation of the
Company's Management. The goal of these policies is to ensure that an appropriate relationship exists between
executive pay and the creation of shareholder value, while at the same time motivating and retaining key employees. "
Especially this sentence makes you laugh or cry.
"The goal of these policies is to ensure that an appropriate relationship exists between
executive pay and the creation of shareholder value"
I am not a member of the Jordan fund anymore, but those of you who are, please ask Mr Sandberg, the leader of the compensation comittee, at the annual spring dinner if he thinks that he has done a good job as a member of the BOD and chairman of the compensation committee.
There is no information in the 10K or 10Q about these shares that are being allocated to management and BOD. Extremely bad corporate governance by the BOD. I have found some information in the Merkur admission document, that Solomon and other managers were entitled to additional shares. However, this "liability" has not been reported in the Balance sheet.
The only positive thing about this dilution is that it is happening when the share price is low. So, it is not so costly for us to keep Our relative share of the Company. It also indicates that something is about to happen regarding spin-offs, otherwise I Guess these share had not been issued right now.
Page 56 in the admission document
25 The Company owes 266,667 Common Shares to Mr. Lee (7 years' remuneration in shares) that have not been issued as at the date of this Admission
Document.
26 The Company owes 96,967 Common Shares to Mr. Tan (7 years' remuneration in shares) that have not been issued as at the date of this Admission
Document
27 The Company owes 48,485 Common Shares to Mr. Chen Bor Hann (7 years' remuneration in shares) that have not been issued as at the date of this
Admission Document
Zero, please stop this non-sense about Ceres Technology Mangement (CTM). CTM was an attempt to raise capital to SIAF and the Megafarm. CTM was a presentation of Capital Award and the Megafarm. All of these consulting agreements that you have the link to are between Capital award and their counterparts (Chinese investors). The attempt has not succeeded, at least not yet.
When I asked about CTM at the investor trip in September, I didn’t get very much information more than if it was successful it would be very good news for SIAF.
Now, just because consulting revenue was low in Q1, you are implying that consulting revenue has been booked in CTM instead. Please verify this insinuation or hold your breath.
But, thanks’ a lot for the links to the consulting agreements.
If I got it right, they said the Third Board in China.
Carog, now you are giving me too much flatter. Good work in pushing Solomon to what has been done so far with the Aqua spin-off. So far it just seems to be planning. Interesting though, the plan is that Triway should hold 100 % of the prawn farms and the Chinese business men will instead own 25% of Triway.
To mee, the most positive information from the CC was the construction cost for PF4 of 240 MUSD (60 000 tons) including 6 month credit after each module (10 000 tons) has been completed. PF3 is estimated to cost about 180 MUSD with a capacity of 10 000 tons. However, that part included a lot of landscaping of the area.
Another positive piece of information was the planned listing of SJAP in Q4 this year. Peer Group valuation indicate a higher value of SJAP than today's total value of SIAF.
Bad News was initial stocking problems due to water temprature at PF3 and no firm evidence of the progress of the Aqua listing and no time table.
If SIAF were to list the Aqua spin-off on Merkur in order to speed up the process, I am all for it.
Listing requirements for Merkur
2.2.2 Annual accounts and interim accounts The company must have produced at least one annual or interim report in accordance with the requirements and principles set out in section 4.2 of the Continuing Obligations. The annual or interim report must have been audited.
Listing requirements for OSE
2.2.4 Annual accounts and interim accounts (1) The company must have produced annual accounts and annual reports in accordance with the legislation on accounting for the last three years prior to the application for stock exchange listing.9 The annual accounts and annual reports must be audited.
There are some exceptions from the 3 year rule, but a listing on OSE will be a much more complicated and time consuming process. As an interimistic solution I am all in favor of a Merkur listing of the Aqua business, rather than waiting maybee up to three years for an OSE listing.
Furthermore, I think the Mega farm Project should be able to get bond funding to finance further expansion when it is up and running as planned. Both management and existing shareholders are interested in minimum dilution when the Aqua business is spun-off.
I hope, the Company reports on the progress of the Aqua spin-off at the CC next week.
Of course he cannot spin-off assets that the Company doesn't own. But the Company has a right to acquire up to 75% of some assets and those options could be part of the spin-off.
Yes, it was on Friday the 18 th. I believe that they flew back on the next day.
I had a brief meeting with Solomon and Dan in Oslo on Friday evening. They were in Oslo and had met with some of the larger investors in SIAF. Another purpose of the trip was to discuss the structure of the aqua spin-off. Hopefully, we will be updated on the progress of the spin-off in the near future.
I find it positive, that the aqua spin-off is high on their agenda. A pure aqua play, should be able to attract a lot more interest than what the conglomerate SIAF does today.
Two years ago, when SIAF also posted a NT 10K the numbers included consulting Revenue.
From my spreadsheet.
I don't know why they have excluded Revenue from consulting in the filing. However, revenue from sales of goods of 165 MUSD in Q4 is really impressive, up more than 100% compared to Q4 2014.
This is from the admission document (Merkur Listing)describing the business model.
Do you have any information that SIAF has applied to have these SFJVs approved yet, or is just your speculation?
Challe08, Erik has great knowledge about SIAF despite his relatively Young age. I Guess it was Dr O who was presenting the Mega Farm Project assisted by Erik. Hyperboy is just a dedicated shareholder that arrived i Bergen, at his own expense in order to attend the seminar. He is not employed by SIAF. I assume he did not attend the one on one Meetings.
Now I will drive to Our "hytta" so I wont be able to reply to any questions for a while.
I was lucky to get a meeting up With Dr O, Erik Ahl and Hyperboy yesterday evening in Oslo. Dr O, sounds like the bad guy from a James Bond Movie, but I can tell you he's not. Rather, the contrary he brings both knowledge and credibility to the aquaculture business. Yesterday in Bergen, they held 15 one on one meetings with different analysts, fundmanagers and people from the industry besides the bigger presentation for a bigger audience.
Today, they will have more meetings in Oslo before flying over to Stockholm for a meeting with shareholders. A great opportunity to meet Dr O for those of you that have not met him before.
Happy to see Neonet buying about 36 000 shares at Merkur today. Neonet is not the typical broker for a Retail Client, instead Neonet serve mainly other broker, dealers and Institutional Clients. Hopefully, there is an Institutional buyer behind the order.
http://www.neonet.com/Execution-Services/Agreements-and-Policies/
Incentive AS also informs Merkur about its holdings in SIAF.
As per 31 December 2015, Incentive AS, in its capacity
as investment manager for Incentive Active Value Fund
and an actively managed account, controlled a total
of 1.085.887 common shares in Sino Agro Food, Inc.
representing 5.6 % of the common shares issued by the
Company. The 5% threshold was reached during 2015, and
maintained on December 31, 2015, which triggered a
disclosure obligation with the Securities and Exchange
Commission (SEC) as per 14 February 2016. This
Schedule 13G disclosure was made on 4 February 2016.
Sino Agro Food, Inc. was listed on Oslo Stock
Exchange's Merkur market on 13 January, 2016. Whereas
no disclosure obligation has been triggered in Norway,
Incentive AS hereby informs the Oslo Stock Exchange
about its 13G disclosure with the SEC dated 4 February
2016.
http://www.newsweb.no/newsweb/search.do?messageId=394386
A Norwegian Hedge fund holds more than 1 million shares. Good News.
http://incentive-as.com/
Bellen, thanks for sharing the list over SIAF shareholders on Merkur. The most interesting name to me was Apollo Asset Limited with 327 688 shares. The man behind this company is a former stock broker and now billionaire (at least in NOK), Arne Fredly.
He has made his fortune from being a smart investor, so there is hope for us all now.
http://www.nettavisen.no/na24/milliardr-arne-fredlys-nye-fartsmonster-vekker-oppsikt-pa-youtube/8447923.html
Not all investors on the list are as exciting as Mr Fredly. Ingemar Skaret with 128 000 shares is just a nobody and drives a Volvo.
Interesting article about the outlook for prices of shrimps.
"Global shrimp prices are expected to remain firm through May 2016, followed by softer prices as production increases around the world."
"China: China is now off-season and production will not return until June 2016, Gulkin said. “Lately the reports show the supply from Chinese farming has been deficient a few hundred thousand metric tons [!!],” he said."
http://www.shrimpnews.com/FreeReportsFolder/NewsReportsFolder/WorldPricesSuppliesProductionJan142016.html
We all welcome news about first stocking of the Mega Farm.
Finvestor, very good post. The main problem as I see it, is that capital is allocated to business areas that do not give the best return, and liquidity planning is not a word Solomon knows the meaning of. I had hoped that the new CFO could get things done, but it seems as though he is not allowed to what is needed. My table over capital employed and return on capital employed clearly illustrates the problem. It is the responsibility of the Board to steer Solomon in the right direction. Do we have the right BOD?
More demand for food in China.
http://www.bloomberg.com/news/articles/2015-10-29/china-abandons-three-decade-old-one-child-policy-to-lift-growth
SIAF shareholders will probably think. Oh NO, now SIAF will have to invest even more.
More focus on RAS also in Norway, although it mainly relates to salmon farming. Sorry, the article is in Norwegian, and in nynorsk as well, just to make it even more complicated.
http://www.kyst.no/Havbruk/?article_id=116044
This one is in English
http://www.nordicras.net/Workshop-2015
Hi Carog,
I couldn’t agree more to your summery of the trip. The combination of SIAF’s APRAS system with Dr. Anthony Ostrowski’s knowledge about breeding and biological risks really creates a competitive edge for the company going forward. The RAS system might be copied by others, in one way or another in the future, but the knowledge how to create a strong breeding stock that is free from deceases will be absolutely vital and harder to come by.
Having seen part of SIAF’s operations with its very dedicated personnel and getting to know Solomon a bit better has made me even more confident in my SIAF investment.
Hope to see you soon again
See you there.
I noticed in today's PR that recent Chinese legislation aims at limiting the use of chemical fertilizers and that could be good news for SIAF and its subsidiaries HSA and SJAP that produce organic fertilizers. I did not know about this recent legislation. Is it news for you guys as well, or have I just been asleep? Do any of you follow CGA? Have they said anything about this recent legislation.
Organic fertilizers is one of SIAF's low performing assets (HSA), with a ROA of only 9% in 2014. In Q1 2015 ROA was only 3% in HSA, and total assets was more than 100 MUSD almost 20% of total assets in SIAF.
Orreborren, I share your frustration and send an email to IR, both US and Sweden and a copy to Erik and Bertil.
Gentlemen,
In order for Sino Agro Food to create credibility among investors it is imperative to keep promised deadlines. A dividend policy has been promised for some time and was to be announced on or before the end of the second quarter 2015. From today we have entered into the third quarter, at least according to my calendar, and no announcement has been sent from the company.
Please provide me with an explanation.
Best Regards