Sino Agro Food Inc (fka SIAF)

[treit2002]

Hyperboy,

I listened to the portion you reference.

I did not hear anything about a distribution. I believe that he is saying the following:

In 2013, the company will not only spin out subsidiaries, it will also either IPO or do a secondary for 25% of the parent company shares, also in Asia. He is saying that the accounting treatment for the land in Asia is different. In the U.S, the value of the land for GAAP remains the purchase price. In Asia, it can be revalued, presumably commensurate with improvements. He's saying this will increase NTA by $150M; therefore, aiding the IPO/secondary price.

I think he pegs the initial or secondary stock value of the company at least NTA of $500M in 2013, or $7/share. Existing shareholders will have the opportunity to sell their shares at the IPO or secondary price.

At least that's my interpretation.