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Peter didn't have the details on that one but said it will be a separate topic on the conf.call. It seems to me that in general, Peter isn't informed about all the aspects. It was the same thing when I was wondering about the Garret deal before it was all disclosed. At least he to is heavily invested here.
Peter answered some of my questions yesterday. Among other things, he mentioned that the conference call will be announced very shortly. One of the topics will be regarding the use of equity (that has been used for a variety of purposes).
That's his biggest deficiency. He is way to naive and never has a backup plan. We see this all the time. Most recently with the Garret deal.
Based on the articles it seems clear to me that he has no clue about the company he invested millions in. For instance the stuff about Triway that indicates that Siaf owned 100% of the equity in all farms in the past.
I see your point. However, Triway already has and expanding a distribution network, hence there are synergies to capitalise on here. As long as they can back it up with a working capital facility, I have no problems with a minimum 10% gross margin and a capital turnover of maybe 2 months.
Of course not the reason why I invested here, just don't consider it to be a problem.
Why does seafood trading at Triway bothering you? They will use working capital facilities to cover the working capital so it won't affect cash flow.
Or you can build an airport in Istanbul for 12 billion U.S dollars.
I really hate being diluted at these levels and really hope this was the last batch. However, it's not entirely stupid to finance the future progress of Triway. Remember that Triway did very well in Q4 and the financing will let Triway to show further growth and improved profitability. The later should make it easier for them to hit a final deal with they 5 banks due to strong historical trading.
New Ras projekt in Sweden. A group of business men will invest around USD 11m for an annual production of 2000 mt fish. I'll dig deeper this evening. It seems to me that they are beginners. Perhaps I will link these men with CA.
We are raped either way. If we reduce our holdings at these levels and the savage one starts to act in a rational way, we'll miss a potential rally of 1000% or more. If we hold on and he keeps treating us like this, I will laugh at the man in the mirror.
Could you please elaborate? Note 22 in the 10k clearly states that due to third parties have no fixed terms of repayment. If that is correct, why would Solomon dilute us at 55 cent to settle this?
Solomon is playing games with us, common shareholders. He tricks us to increase with the promise that financing and dividends are around the corner. Then he dilutes us at 55 cents, i.e. telling to whole world that the share is worth no more than 55 cents.
To be honest, I feel raped. Solomon doesn't risk anything personally. Not ECAB or Garret (love to have this man onboard anyway).
Well, if the market believes that the dividend will increase over time, of course we will be valued higher. I think Snows point is that 1 cent per quarter is just too insignificant to make an impact.
Agreed. As a minimum we should start with 3 cents per quarter with the aim to continually increase it and never to decrease or halt it.
To late for Nisse. He has to stay in to clean up this mess. And he knows this already. Problem is Solomon always get the last word. However, I do believe Solomon slowly starting to realise the importance of dividends.
Yes, there are reasons why we're trading at 2% off book. And yes, many Chinese companies have gone dark.
However, I don't consider going dark as a risk for Siaf. Many of us has met with the management and board members several times. We have had a relationship for many years now. Management and board members own significant amounts and we have known them for many years now. Personally I have spoken to several board members and met with Solomon twice. Just can't see Siaf going dark.
I don't share the general view here at the board that we are at the end if we don't obtain financing. Off course, if Triway gets significant financing, the stock could easily go up with 500% or more within a year from now.
However, Triway is currently doing fine even due they have some start-up problems with prawns. I think it's more a question that some shareholders here can't afford to wait much longer. And we can blame Solomon for that since he has been to optimistic least to say in the financial reports which is the mayor reason why many of us has averaged down.
Handla, haven't you red the last 10K? Triway owns us significant amounts already and we only have two buildings with atms at the mega farm (and some ODRAS). I appreciate your enthusiasm but please, try to be a little more objective sometimes.
My understanding is that they will only start the trading division at Triway when they have a working capital facility in place. This has nothing to do with the USD 100m bank syndicate financing for capex imo.
Ok, I guess you spoke directly to FD then. For me its seems clear that the recent fall in SP is due to a combination of the Hoghset sell out and retail selling. Even I reduced my position with 50% in January because I was upset with the lack of progress since Solomons Stockholm meeting in September. However I now got the impression that the company is finally doing the right things and I'm back at a full position. Future looks bright imo.
I share your view regarding that Redbull tends to present his thoughts as "facts" which is not contributing to the board. However, now you claim that ECAB hasn't sold a single share. Is this a fact or speculation? If it is a fact, would you mind sharing to us how you obtained the information?
Thanks!
His employer
Can't find on EDGAR. Link please
Seasonality pattern. Q1 is normally the weakest quarter.
Personally I find it interesting to know who's buying and who's selling but I totally agree with you that the only way to succeed is to start distributing quarterly dividends. Even 5 cent per quarter should get us to 2$ to begin with. Slowly we'll get rid of the scam label and growth from Triway and CA could bring us a bright future imo.
You can't be serious if you believe that Garret bought 10% av the outstanding shares since December.
Yes great to know who was behind the dumping since it wasn't the lenders who sold out collateral shares as we first assumed.
So far approximately 40k shares changed hands. Up 11%
Yes, 5 cent per quarter is more realistic plus we don't want them to cancel any future dividend just because they were too optimistic.
Given the pipeline and Triways ability to deliver even under complicated conditions during FY17 I expect the dividend yield to be around 10%. 5 cent per quarter = SP 2$.
I prefer starting low and continuously increase the dividend. If we do the opposite we would just give zero more ammunition.
5 cents equals SP 2 $.
Please keep up the great work! It's a true pleasure to read your analytical comments.
In line with my interpretation.
Read again. They have an option if market conditions improve. This was one of the cash effective solutions undertaken by the company in order to be able to distribute a cash dividend sometime 2018.
A pretty good report imo. Tri-way is making good progress and will continue to grow. The import business (for Triway) is not a plan B but has been thought of as an additional income stream since mid last year.
Solomon has finally listened to us. Restructuring of SJAP and talk about cash dividends. Cattle firms doing good, good plans for the plantation business.
People, please stop misinterpret the deal with Garret, worst 10% dilution, likely less.
Finally Solomon is listening
10% up on Oslo today
Regarding the distribution, any news is good news imo.
Personally I'm looking forward to get more insight regarding the promise from the PR 12 April:
"Considerable detail about the distribution is presented in the upcoming 10-K filing."
Personally I would appreciate if they could do an asset write off so that we know the real equity per share. When I confronted Solomon with this in Stockholn he still argued that the auditor confirmed the book value.