I think one thing will matter when it comes to the pps going forward is Solomon's supervoting shares. Those shares may prevent SIAF from achieving a normal rating on OSE. I suspect Solomon does not really comprehend that the shareholders in general are the owners of the company. He only owns a small part of the company himself.
When the published dividend policy consists of some sensible observations I suspect the reason is that Solomon does not accept what would be most conducive to getting a highest possible pps. The problem in this context is that he has a different agenda from the rest of the shareholders and he is in a positition where it is up to him which choices are made. He knows that shareholders have been very useful to him by providing the money he needed to move the company forward. I think he wants shareholders to be rewarded for this, for instance by distributing a dividend of 8 % of net profits.
It may be sensible to pay such a modest dividend if ROE is very high. But let us assume that ROE is only 10 % and there are still some investment opportunities Solomon would like to se realized. Would he be willing to pay for instance 50 % of net profits in cash dividends? I think he would not and that this would be far to generous toward shareholders. The reason could be that he does not understand that all the shareholders are the owners of the company. As long as Solomon controls SIAF the shares should trade at a discount I think since his agenda is not to maximize the profits of shareholders.
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