Sino Agro Food Inc (fka SIAF)

[viking86]

I think I understand now why the 10k says collateral shares would come from shares "owed by" third party investors. I think what they meant are shares "owed to" a third party which is ECAB in this case. Because when ECAB converts their first tranche of shares in 5 to 6 months, I believe Company will have to issue them about 1.1m shares for the approx $11m they got from ECAB so far. Since ECAB is willing to pledge their shares as security for the new loan, Company just issues now 753k shs of that batch in advance directly to the new lender as part of the shs they "owe" ECAB. That is the only thing that seems to make sense to me that also would explain why Company has included those new shs in the o/s but left them out of the waos to reduce the impact on an already weak Q1 eps compared to last year.