I think the reason they say "almost tax-free burden" in the 10-Q above is because of what they mentioned in the 10-K, which is the 12.71% being tax free and the 5.59% having taxes
If that is the case, and if the tax-burden of the remaining 5.59% is delaying the TRW-dividend, then screw those 5.59%! Give an ex.date for the 12.71% NOW and double-down on the remaining 5.59% to be distributed when SIAF has the cash flow for it. I don't think anyone would object to that, and it would also give some nice support for the PPS between the ex date of the 12.71% and the future 5.59%.
Dan (?) said they couldn't split the dividend (because it might be viewed as manipulating the PPS), but that seems BS to me (I might be wrong though) since the same argument could be used for monthly cash dividends over yearly ones. And if it isn't BS, then I would assume that SIAF still would be allowed to split the dividend if the second (the 5.59%) were postponed a year or two, no? (close to listing maybe?)
The TRW-dividend delay has killed the stock, and with the current dilution it has severely reduced the value of the dividend (ca cut in half!). The last thing we need is further delays (unless there is a plan, where Garret or someone equally sensible is in charge, to reduce OS before the TRW-dividend and still have the TRW-dividend this year)
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