Sino Agro Food Inc (fka SIAF)

[ks1977]

My point is that if the stake SIAF has in TRW is reduced to 18.3% this is no indication that TRW's debt to SIAF will be repaid any sooner than if the stake is 36.6%

I have to disagree with that; we do have an indication, but whether it (i.e Solomon) can be trusted is a different matter. From the 10-Q page 14-15;

The accounts receivable of CA’s C&S services totals US$53,460,749 made up of $982,223 (0 – 30 days), $9,188,981 (over 90-days & less than one-year), and $43,289,545 (over one year).

* $43,289,545 is to be settled by Tri-way’s shares included in the 36.6% equity shares that the Company received from the “Carve-out” exercise as discussed in the Company’s 2017 10K filing.

* $3,413,141 (91 – 120 days) and $5,775,840 (over 120 days & less than one-year) is AR that will be settled within trading terms of 360 days

.

So here they have differentiated between the old AR that will be part of the 36.6%, and the (at the time) non-due AR that will be "settled within trading terms of 360 days". If they haven't changed and converted also the new AR into shares, then this should (partially or in full) be paid to SIAF in Q4. This would also explain why Solomon expected SIAF to be cash-flow positive mid/late Q4. This is where I expect the cash for the cash-dividends and also for the repayment of SIAF loans to come from.