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I think it's very ironic that Hansson - aka crybaby - which seem to highly represent the category of dumb money, actually saved his arse by simply applying stop-loss around $7-8/share. Absolutely not other skill, analytics applied etc.
I pray that one day all the longs get paid for staying in the share.
Let's hope the upturn last week was just the start.
In the article, it seems that Peter Grossman has finally been given time to respond - at least to one question about the other owners of Tri-Way. He says the SIAF ownership in Tri-Way reflects the underlying seafood assets which were transferred.
The article also quotes Anthony's calculation, that SIAF's technology can give a production which is 114 times higher per "square meter" than convetional technology.
SIAF on frontpage of Finansavisen again!
Fredly is on the frontpage where he claims that a money-machine (ref Tri-Way) has been taken away from SIAF. Inside the paper, it says that when SIAF was listed (on Merkur) they tempted investors with superprofitable prawnproduction.
He claims only crumbles are left now that SIAF only owns 36,6% of Tri-Way.
Fredly estimates Tri-Way has profits over $30 mill in 2017! And expecting over $50 mill in 2018!
Fredly also claims that he has a confidential prospect from SIAF to Development Bank of Singapore, where SIAF claims to be real owners of over half of the 63,4% ownership left in Tri-Way, which implies ownership >68% in total!
If the claim is true, and SIAF by this actually owns >68%+ of Tri-Way, I would not call that crumbles... lol. And if so, SIAF's share of expected 2018 profits is then over $34 mill dollars. Not too shabby for a $10-15 mill company :)!
So in the same interview, he both cries over being left with crumbles and at the same time says we own over 2/3 of Tri-Way, and Tri-Way probably earned over $30 mill last year. This must be a dream article for shareholders, or???
Ok, anyhow we know SIAF had a presence in the salmon community but they didn’t show any interest. If SIAF had a strong distribution system, that might have caught on. But apart from marketing/distribution, the industry just didn’t see synergies. Something that made sence.
But SIAF could find solutions to it's RAS challenges in the salmon community. Underwater feeding, multilayer shelters etc. This is aqua automation which is a big industry here. Guess Tony has the right connections.
Does that imply that it says that none of them have been sold?
Oslo Børs is the world largest seafood lister, and even Chilean salmon farmers are listing there now. Marine Harvest actually delisted from NYSE. But hardly any of them choose Merkur.
So your arrogant attitude on demografics, seem to undervalue the cluster competence.
Don't blaim Norway. It SIAF's fault they listed on Merkur and plan TRW in Hong Kong. It should have been the other way around. At least deliver the spin off as promised.
If loan 1+2 are with friendly parties, and the trade facility lenders are the same since they get top-ups volentarily, then are there any "unfriendly" lenders back?
If not, will you expect Solomon to force his friends to buy back collateral shares from the market?
Won't happen imo. Not if they were sold. But if held by lenders, I agree.
Thanks for doing this for RD.
One thing I have had succsess with, is to give discount for receivables paid FAST. 10% off within 10 days.
The ultimate holding and financing company has approx a 0,5% cash holding of yearly cash flow.
Yes, cash dividend is still better then boiler
I might be wrong, absolutely. Maybe the MM's have tricked me to look for dumpers who where never real?
snow, it's my interpretation of the piece below. For me it sounds like they understood that increased O/S was followed by dumping (just think of the correlation between increase O/S-day and dumping/high vol trade) and that further top-ups was not in the shareholders interest (or their, because the low pps is destructing fincance opportunities and trust).:
USD 20 million to USD 15 million as an alternative measure to the issuance of further top-up shares, since it was the Company’s view that reduction of the credit line (instead of issuance of additional security shares) would better serve the interests of the Company and its shareholder
In order to accommodate the concerns of the lender, the Company therefore during this period resolved to offer additional top-up shares (in total 4,108,312 top-up shares) as collateral to secure the value of the debt owed under the trade facility.
So 4,1 mill shares have been voluntarily issued, and above you can see that they call also those top-up shares "collateral". But those shares are not restricted, like the collateral shares issued as part of the loan agreement.
So my take is that most top-up where dumped into the market, while Solomon was talking about buy-backs etc. If that is the case, he engineered the problem that he was planning to fix.
Solomon must be a nice man and popular man in China, with all the receivables (credits) and friendship-top-up-shares. Must end NOW (and has ended in September regarding top-ups).
My understanding from todays news is that the SIAF pps has paid the ultimate price, due to the top-up shares issued to the chinees lenders towards the distribution centers. As top-up shares are not part of the loan agreement (but done to have a nice relationship to the chinees lenders), I understand that they have been free to sell these and the outstanding loan would shrink as a consequence.
If my understanding is correct, I would view this friendly action as a complete negligance of shareholder interest. It would be similar if the company just issued and dumped shares directly.
Had we also got information earlier, we would not see a +20-30% O/S result in a -90% PPS.
After this filing, I would think it's outspoken they understand the problems they have created. Volentarily top-up shares days are over, but I would love to get confirmed that loan 1 was finished and paid on time.
PS! The financing in SIAF is something I have not studied too much, so this is just some thoughts from my understanding of this.
It was a (failed) attemt to share the appreciation. And remember who initiated the voting, and my reason for that was to celebrate the best contributors.
So there you have it.
PS. Regarding the Finansavisen article, there was not anything about Fredly threatning with legal action as far as I saw. For what it matters.
Well said. Don't forget you are celebrating the SIAF ihubber of the year-2017 winner :)
handla, if they can PR the year of the dog, they can certainly adress the elephant in the room: will we see a decrease in the O/S like we have been led to believe (thus indtroduction of the collateral "class" issuing)
And a second elephant: has the increased O/S been done for the collateral or is this company a dillution scam?
You may have noticed that speculation around these elephants has left us with a 98,5% discount of book value.
I expect to see a filing today about the loan
Well, I fear the same but still consider loan default as a material event which they must report (also believ I remember Peter agreed on this, according to a post).
I expect to see a filing today about the loan, at least a default. Because a default will release the millions of collateral which we have been led to expect the return of. These millions of collateral will then dillude our ownership and TRW dividends - AND THATS A MATERIAL EVENT!!
Goulian is both Chinees and into schrimp, growing, targeting a new $150 mill loan these days, etc. TRW should be the similar if they ramp up soon - from sat photos we see they will do conventional production at MF for now, which I believe is great due to the indications that RAS production is still developing for prawns.
https://www.undercurrentnews.com/2018/04/03/china-shrimp-consumption-to-hit-2m-metric-tons-by-2020-says-guolian/
no thanks, that would be a copyright breach. But I posted a summary yesterday which covers most.
At least we get some entertainment and response to the allegations. If by this incident SIAF manages to come forward as legitimate and professional, something good has come out of it.
Also, I pray to see the dillution /collateral will stop now. And collateral returned.
My guess is that we have a couple of posters who are not shorting, but buying back collateral already :)
I bought some more today because I believe they did not default.
The company value at $10-12 mill is crazy, they are worth a lot more only doing ODRAS on the MF. There are more honest companies, but not at this risk ratio.
So don't tell him bug all. Also, I think his letter made SIAF file again to Merkur and also maybe O/S updates. The company has responded to OSE it said in the article.
Ok, I know a lot of people and might have stubled across TS without knowing who he was.
But I would always appreciate a coffe with a fellow shareholder :)
I am not aware of the contact we have outside this forum. Did I miss something?
Has he been shorting SIAF? He must have gotten a bad impression of Solomon in Oslo then.
Jyyoo, I believe that he want's to revenge the embarresment and loss caused by lack of correct information from the company. And it seems he does not believe that it was a coincident.
That's at least not applicable in Norway. Only board and MD is responsible. And in some scenarios, other employees.
Expect the same for Sweden.
The company has not reported default on loan #1, which they must have done if it was the case.
By this, can we conclude that they have paid the loan in due time?
I think maybe the journalist messed it up?
Well, we have waited a long time to see for our eyes that collateral will be returned. It would certainly mean a lot if they were, imo.
I like that Fredly want's the TRW dividend to happen. I think that proves they see real value in TRW, or?
The letter from Fredly & others, to OSE, SEC and "Finanstilsynet"
Briefly from the article (my quick translation, trust on your own risk):
"We have unfortunately been scammed, but I will never give in. I will follow this until my last days. They have gone against the wrong guy" - Arne Fredly.
In the OSE prospekt there was supposedly no info regarding all options and loans which grants rights for new shares. None of the share issuings have been reported to the market without delay. In the prospekt there was no information about a loan which required more and more shares to be issued.
It also says that SIAF has given EuroChina Capital a load of 25 mill dollars, and ECC is run by a friend of Solomon. ECC has failed to pay 18,3 mill dollars at 28 Feb 2015, but this was not reported before 15th May 2015 when they presented Q1.
Lack of TRW dividends and dillution of value due to higher O/S then previously.
They tried yesterday to get a response from Peter Grossman, but he did not respond.
It says they posted the letter 4th of January. Wonder WHY the article came NOW??
I want to refrase to "we have been scammed". It's more presis. I have adjusted my original post.
Yes, it's in the paper. Sad.
https://finansavisen.no
Is this the reason why Guolian has plenty of staff on Linkedin, but we only have Tony? Lol.
Finansavisen is available for download if anybody cares.
Edit:Arne Fredly claims he has been scammed by SIAF.
Acording to Finansavisen, he leads a group of investors who calls OSE and SEC to investigate the company. Front page of tomorrows Finansavisen.
That would be a positive surprice, especially after heavy dumping before end of March which suggests low cash holdings in the first place.
Yes, but it was also low at $1. Or $0.5. But we keep falling back to lower levels.
I would like us to see the return of collateral, which will confirm that the company was right all the time.
And it's pretty obvoious that dumping days correlate with share issuing. We still lack the logic about WHY anyone at all would be selling at these levels. What does the dumpers know which we don't?