True. Assuming that they SIAF isn't deliberately lying in the balance sheet regarding inventories, deposits etc (speaking of inventories; in Norway you have to book the lowest of the cost producing and the market value, not sure how it is for SIAFs case) then the only thing that can be floated in the book value is the plant/equipment, construcion in progress and land use rights (not sure to which degree if I agree that land use rights should be a part of the book value - can they be sold or is it just a competetitive advantage?). For 2016 this totalled 279MUSD, so even if we say that this is worthless (which of course is way off) then the shareholder's equity should be many times the market cap (425MUSD vs 50MUSD or whatnot).
I haven't looked deep into the megafarm regarding it's true value vs cost, but even if you're wrong and the value of the megafarm is less than it's cost (and thereby a somewhat floated book value), it seems to me that SIAF still is traded WAY to low.
Ah, so regarding delisting you were referring to being removed from the stock exchanges by the stock exchanges?
