Sino Agro Food Inc (fka SIAF)

[RealDutch]

There is no reason for Incentive to be selling. The loan had a 3-year term.

https://www.sec.gov/Archives/edgar/data/1488419/000114420415020143/v404849_10k.htm

l Also during the first week of March 2015, the Company secured two loans from two reputable financial institutions in the United States based on the following principal terms and conditions:


1. Loan Principal: US$10 million on Loan 1; US$15 million on Loan 2.
2. Disbursement Terms: Between one week and one month per tranche, depending on the Company’s needs.
3. Loan Term : 3 years
4. Interest Rate: 3.5% per annum for Loan 1; 5% per annum on Loan 2, payable quarterly.
5. Repayment of principal: Lump sum at maturity
6. Security: Collateralized with Company shares secured at 80% loan-to-value at the previous 3-day market average at the time of withdrawal.

The first tranche of $4.7M was booked as "Other payables" (due to debts loan) in non-current liabilities during Q1 2015.

This is the status now, as of Q3 2016

Due to debts loan 13,052,702

So they haven't taken the whole $25M.