Sino Agro Food Inc (fka SIAF)

[ValueInvestor01]

1) This is what has been the issue so far, especially with the heavy dilution that has halved the book value. You might have perfect timing on this one though, since we might (...) be close to the end of dilution and also seen the first steps of improvement in management as well (TRW-distribution and cash dividends)

Temporarily, we might be close to the end of dilution, but in long-term, they can always increase the A/S. One main risk that I consider the most is his possession of Series A preferred stock. As long as he has it, no one, even a member of Board of Directors can evaluate his performance or tell him what to do even if the CEO is doing poorly year after year. And this is definitely a red flag and worrisome, especially if the Company increases its stake on TRW. I believe that shareholders should elect the Board of Directors for TRW, preferable outside, but since he has that Series A, there's nothing much shareholders can do. Basically, he doesn't have the same risk we have.