From the meeting
Let's just go ahead with this. Although material information is not disclosed during closed meetings, I think we should all have access to the same information as soon as possible. Some of the information I received is personal, and I will use my own judgement of what is appropriate to post. Finally, although the source of information is reliable, it shouldn't be relied upon.
I will add comments between brackets. [that is mine]
The 32% TRW shares owned by SIAF HK belongs to the former fish farm owners. [confirming what I said previously].
The fish pond worth $18M will be settled, together with other debt owed to SIAF, resulting in net total remaining debt of $18M owed to SIAF. That will be repaid to SIAF and used for the collateral shares after TRW gets the loan. Details in the Q-3 report. [Not sure how the $45M A/R fits in. Part of that may be owed by MF partners]
The loan to TRW will be very substantial, more than TRW needs. $100M+. The timeline of 2 months has already been given by C-MF. [although we should always anticipate more delays]
Same timeline for the F-1 filing. It's not as complex as we think it is. [although we should always anticipate more delays]
The company will try to time share buybacks and cash dividends with the ex-date. If buybacks don't work they will move on to cash dividends. [Possibly] the dividends will come from TRW while growing at the same time.
CA is working on a number of deals abroad [although some of it may be early stage]. India, Vietnam and Malaysia. [India could be the big one].
They expect CA to be listed before TRW even, within 2 years. For TRW the target is 2019/2020.
Pre-IPO planned for mid 2018 but they may not need the money. Total dilution post-IPO perhaps 30M shares.
One APM module can produce 40 tons of prawns during the first year, 80 tons the second year and 120 tons the third year. One problem they had to deal with at the MF was lack of (sun)light. The prawns didn't grow beyond a certain size.
The MF, when it ramps up, will ramp up fast. Estimated to be completed within 66 months. First year ODRAS, 2nd year 6 buildings, 3rd year 9 more buildings.
The collateral shares. Solomon is convinced they are not being sold. 2 loans were provided by state-owned enterprises. He believes that the stock is being shorted. [but he was wrong in the past as well].
That's the important stuff.
It's all about the TRW loan. and CA.
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