Sino Agro Food Inc (fka SIAF)

[ks1977]

OK, they did adress this slightly in the CC (from 44.10).

From the 10-K;

In addition to the above, distribution timing of TRW shares has also been curtailed due to the sensitivity of conventional lending (i.e. a $100 million loan organized through a 5-bank syndicate in addition to two, possibly three, Stand-by Letters of Credit) and pre-IPO preparations that are underway, which TRW’s advisors have requested are best served if no major change in ownership structure takes place beyond the structure existing at the time of carve-out. As these exercises move forward, the Company will determine an amenable time when the distribution of TRW ownership to SIAF shareholders appears less likely to affect their outcome. Tentatively, the Company aims/targets having a portion or all the intended 18.3% ownership in TRW distributed to SIAF shareholders sometime in Q3 2018

A (non-insignificant) share of the 18.3% in Q3 would be nice.

And from the 10-Q;

The Company wishes to inform its shareholders that it continues to work toward a means of providing its shareholders with share ownership in Tri-way as it had intended since the carve-out of the Tri-way subsidiary. To date, an option allowing for an almost tax-free burden to the Company appears to have materialized while still providing shareholders an 18.3% distribution of Tri-way’s fair-market value. The Company intends to issue the details of the course of action it seeks to implement in its Q2 2018 report, once the final details of the arrangement have been cleared and readied for implementation.

So rather specific in the 10-K and then "nothing" in the 10-Q.

And in the CC (from 44:10);
Something about details anticipated in the Q2-report and something about reduction from the 36.6%+32% having to be agreeable to the lenders. I.e we have no idea whether the lenders will agree to the TRW-dividend and/or any pre-IPO then???

https://tv.streamfabriken.com/sino-agro-food-fy-2017?seek=1246