Sino Agro Food Inc (fka SIAF)

[Lucky Loser]

a) Tri-way equaled AF1 equaled ~$37m.

b) Tri-way carved-out.

c) unincorporated / unconsolidated AF2 thru AF5 merge with Triway equals ~$340m (i.e AF1 thru AF5).

d) AF1 = ~$37m in value (SIAF, Inc. portion ~$27m).

e) SIAF in exchange for the current value of its AF1 portion plus deposits/pre-pays made to AF2 thru AF5 receives ~$81m (or 23.89%). In addition for Tri-way debt owed to SIAF, an additional 12.71%.

As for "who assessed the EV", likely the appraiser working on behalf of the bank. Otherwise, ECOVIS would refuse to sign-off on audit. i.e. would have to think that ECOVIS was consulted prior to these numbers having been made public.