Sino Agro Food Inc (fka SIAF)

[C-MF]

In the actual 10-Q they reprinted the cash dividend policy. So no doubt I would say. Some of the money should come from accounts receivables from Triway, $ 5.8m over 120 days and less than a year. AR from Trw is to be paid within a year so we should expect a large portion of that to be paid out to Siaf before the first cash distribution.

Other nice stuff from the report:
Working capital is down: From $ 183.9 in Q1 to $ 170.6 in Q2. You should analyse WC at a total, not just the individual sub levels like inventory or AC which will fluctuate over the quarters.

SJAP no longer sucks liquidity from Siaf

They have implemented possibilities for increased cash flow without capex. E.g lease contracts at HSA and by letting a partner finance and manage some developments at the plantation.

The Garret deal: The toxic ghost is gone and we have excellent support from a brilliant man.

Progress on the trw distribution. We will get detailed information on the stock dividend within a few weeks.

Overall a great report given the circumstances. Great that they filled in time.