Remember that total cap ex is about $100M, but 100% of the dilution comes from the last $15M only (30m shares at $.50). Seems likely that the same share performance can be expected from the same share issuance policy in 2013.
The past is the past. Hopefully 2013 brings the FN listing and a higher share price. If the share price is $1.00+ then half the shares issued get the same $15M. Obviously, a big difference in eps dilution and share overhang.
The bond deal would be better. And finally to answer your question, here are some possibilities much, much preferable to more shares, imo:
1) suspend the cash portion of the dividend, as part of a well articulated cap ex plan without new shares
2) sell a master license to the APM technology to one province in China
3) sell any non strategic land use rights
4) delay equity investment in one fish farm or cattle farm
5) sell an interest in HU, with an option to buy back at some % increase
6) build a fish farm for cash, without an SIAF equity position (or perhaps bought later, for a higher price)
7) provide incentives to accelerate a/r collection
8) slow the implementation of the HU greenhousing
Sure we could come up with 8 more.
