Sino Agro Food Inc (fka SIAF)

[ValueInvestor01]

TRW is distributing 18.3%. In exchange for debt reduction.
If nothing else changes then SIAF will own 36.6% + $50M debt.
If SIAF gives back 18.3% then it will be $62M more.

So, on the ex-date, SIAF's assets will go down by $53M + $9M (A/R + Other debt)

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

Previously, you stated that TRW will distribute ANOTHER 18.3% that is worth $62,338,065 to SIAF shareholders for debt reductions. This mean that SIAF will still retain 36.6% ownership after the distributions. However, you also mentioned that SIAF will give back 18.3% of its TRW ownership. For what purpose though? If TRW is already distributing these "reserve shares" that is equivalent to 18% TRW ownership in order to pay off its debt, what is the purpose of returning the 18.3% back then?