Sino Agro Food Inc (fka SIAF)

[RealDutch]

RD, your estimates on the sticky now are post split, correct?

Yes.

and you assume that SIAF maintains a 25% equity interest starting when?

Let's take a look at the contract
http://www.sec.gov/Archives/edgar/data/1488419/000114420414022107/v372624_ex10-40.htm

- The Chinese business partners (Party A) provide 30% of the financing of the project and they will own 45% (because they also provide the land).

- Glory Ocean has to procure 70% of the financing for a 55% controlling stake.

I think it actually says in the contract that SIAF has the right to buy the whole (Glory Ocean) chunk for 55% of book value.

When? After the first Phase is completed, or after 3 years, which ever comes first. That answers one question.

Here's the problem. If SIAF can buy the whole 55% stake, then what's in it for Glory Ocean?

So I'm thinking, maybe it's the Chinese partners (Party A) who are also behind Glory Ocean. They just don't have enough money to finance the whole project. Which is why they are looking for other investors.

These Chinese partners would want SIAF to buy the whole 55% and take a controlling interest. So yes, it's certainly possible that SIAF will end up with a 55% stake. There is still some time it seems.
As far as the 25% stake in the sticky is concerned, it's just a best estimate.