Sino Agro Food Inc (fka SIAF)

[viking86]

1) donot worry about 83M shares I/O as they are not weighted. What matters for end-of-year eps calc is:

Estimated weighted average number of issued shares
as at 31.12.2012 is around = 70.5 to 73.5 Million shares

compared to previous guidance (2011-10k CC) that's max 3M more shares. Add 7M pref. shares held by Mgmt, that's max. 80.5M fully diluted weighted O/S.

2) As for Treit's statement that most for 2012 is over, that's b/c of this:

Estimated Ratio of Net Shares issued for Debt Financing / Total issuance of shares = 10 to 12%

total 2012 dilution about 11%= 11% x 83M total I/O by EOY= 9.13M shares issued for debt financing, which is approx what was issued since Jan 01, 2012. Looks like they got about $20M for that since the total 2012 capex has increased to 103M vs 93M previuosly which included about 10M debt financing. Not sure if this is correct b/c that means they got 20/9.13=$2.19 per share issued for debt ??