Sino Agro Food Inc (fka SIAF)

[RealDutch]

I would use 50M shares because they probably won't get the collateral shares back before the first distribution. And we have to assume 5.2M shares issued to ECAB. I think Dan is entitled to some shares as well before the distribution (as acting CFO).

The first distribution will very likely be 12.7M TRW shares, as I said before. 12.7/50 = 0.254 TRW shares for every SIAF share. The value is 0.254 x $3.41 = $0.87.

Actually the value is higher than $3.41 because the farms have made money since 2016 and/or because they have injected more assets. They are using the $3.41 from 2016 for tax purposes.

And they will get some of the distributed shares back from the collateral shares, probably before the 2nd distribution. So the 2nd distribution will be at least 5.6M TRW shares but could be more. They may need an F-1 filing for this but I have the impression that they have something else in mind. They may convert more debt (A/R) in the future so that there is no tax liability for the company for the 2nd distribution.