Not sure about that. I have also asked this question to Peter.
It seems to me that if TRW issues shares to SIAF's shareholders in exchange for cancelled debt held by SIAF, then there is no reason why SIAF's share count in TRW should go down.
And conversely, if SIAF distributes 18.3 M of the TRW shares it owns to its own shareholders, there is no reason to just cancel 62 MUSD of TRW debt to SIAF.
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