Sino Agro Food Inc (fka SIAF)

[HighYield1]

NJM, if I remember correctly Solomon said in the CC for Q2 2013 that the Company had issued shares to unrelated third parties that could be bought back at a later stage. If I remember correctly it is about 11 million shares that can be repurchased at an average price of about 57 cents.

In the Q1 2014 report note 16c there is more information regarding settling debt by issuing shares to unrelated third parties (not JV partners)

Note (16C): Analysis of Other Payables:

As of March 31 2014, other payables totaling $9,716,967, composed of the following:

For the three months ended 31 March 2014, we issued Promissory notes amounting to $5,394,126 to unrelated third parties for advances granted by third parties collectively to the Company (and/or to its subsidiaries) that are personally guaranteed by a director, repayable within two years at interest free term. Promissory notes could be repaid either by cash or in shares of the Company or a combination thereof. If shares settled debt amounts, the respective share conversion rates will be determined by both parties at the time of settlement. During the three months ended March 31, 2014 we redeemed $ 6,019,126 of Promissory Notes for advances granted by third parties in fiscal year 2012 as well as in early months of 2013 by the issuance of shares leaving a balance of $3,000,000 of Promissory Notes still due and outstanding as of March 31, 2014.