Sino Agro Food Inc (fka SIAF)

[RealDutch]

Hard to find it when you need it, but it's in here on page 95.

https://www.sec.gov/Archives/edgar/data/1488419/000114420418020929/tv488235_10k.htm

The "infamous" company set up by Erik Ahl is actually owned by the partners.

The Business Advocate (4.5%) and Flying Cristal Limited (4.2%) are companies appointed by Tri-way to hold in trust on behalf of certain holders of debt owed by Aquafarms 2-5 to keep shares in reserve in the event that their respective debts owed are converted to equity, at maturity. The debt in question relates to costs of development of the Aquafarms 2-5 incurred in connection with the development and construction stages.

There is another 32% owned by the partners that was reserved for the pre-IPO.

Sino Agro Food (HK) Limited, holding 32%, is primarily formed as a holding company for certain outside owners (ownership interests in Aquafarms 2-5, other than the Company)

That's where the 18.3M (18.3%) is coming from. But... if SIAF gives them 18.3M shares back (the original plan of reducing their stake by 18.3%) then it isn't coming from anywhere. It is coming from SIAF, but paid by TRW.