Sino Agro Food Inc (fka SIAF)

[snow]

Admission of mistake

"50% of the dividend payable will be paid in Convertible notes matured by 31.12.2013, at which time stockholders will have
the option to convert them into shares or get pay in cash, and in the interim period, the Company will have the option to
b b k h d fi f l f h ldi i d d i l
Estimated and targeted Dividend
buy back the notes at 108%, 116% and 124% of its face value for holding period I, 2 and 3 years respectively"

After having had a closer look at the terms I see that I have misunderstood the implications of the company's option. I forgot the content and just remembered the interest and not that the notes themselves would have to be paid too. The first alternative means that the company will delay paying half the dividend until 2013. I agree that this alternative is clearly better than an 8 pcercent cash dividend and that the terms are reasonably good although I would have liked to see an increase in the percentage payout as the profits increase.