Sino Agro Food Inc (fka SIAF)

[RealDutch]

I don't know what you're missing. Perhaps you don't understand where the 18.3M shares are coming from. So let's do it this way.

Currently
- SIAF owns 36.6%
- Partners own 31%
- 32% also owned by partners but reserved (to be sold) during the pre-IPO.

TRW is distributing 18.3%. Which probably means it is coming from the reserved shares. So now the new situation is

- SIAF owns 36.6%
- Partners own 31%
- 14% also owned by partners but reserved (to be sold) during the pre-IPO.
- 18% owned by SIAF shareholders

The partners own less, in exchange for debt reduction.

Nothing changes for SIAF, unless they agreed that the partners should get their shares back from SIAF. We don't know.