CC Highlights Part 4:
In regards to the upcoming Tri-way Distribution:
"The company has been in communication with Tri-way on a concept plan. That allows common shareholders eligible to receive a dividend to receive the 18.3% cumulative ownership in Tri-way that does not impose a tax liability to either company, SIAF or TRW. The outline of the distribution plan will be made public by Tri-way in the next few weeks. Essentially we believe that there will be 2 scheduled distributions whereby in each distribution, SIAF shareholders, in exchange for TRW debt held by SIAF, will receive convertible preferred shares of TRW. In an amount equivalent to $3.41/share of one common share of TRW. The number of preferred shares to be received in book entry form to be based on the number of SIAF held by each eligible shareholder as on two separate record dates. The dates of which shall be announced by TRW along with possibly their conversion dates announced simultaneously. The broad terms have been agreed upon, I should mention, largely now the execution and announcement is in Tri-way’s hands, expected like I just mentioned to be announced within the next few weeks. Tri-way’s audited value though I want to mention has increased in the latest 2017 audit from what was the initial value at $3.41/share and now stands at $3.85/share. This means that depending on the exact number of shares outstanding and a few other minor factors the first tranche of 12.71 million TRW shares approximately, will be distributed to SIAF shareholders and will provide SIAF shareholders with an additional $1.32 to $1.4 of Tri-way book value for each share of SIAF based on Tri-way’s current audit. What we are saying is that there will be an approximately 1:3 distribution. After reducing the share count by shares which are not eligible to receive a Tri-way dividend we presume we will have about a 1:3 distribution. So for every 3 shares of SIAF, you will receive 1 share of Tri-way...The plan remains to IPO Tri-way on the Hong Kong exchange in 2020."
