Sino Agro Food Inc (fka SIAF)

[RealDutch]

Shareholders will then be arguing that he used Merkur to drive the number to under 300.

That is a bit far-fetched.
Actually the number was already down a year ago.
They (Transfer Agent) must have cleaned up the records for the F-share dividend. And/or the Merkur listing.

As of December 31, 2015, an aggregate of 20,133,757 shares of our common stock were issued and outstanding and were owned by approximately 105 holders of record.

But not the year before

As of March 27, 2015, an aggregate of 18,069,412 shares of our common stock were issued and outstanding and were owned by approximately 2,991 stockholders of record.