If SIAF issues new shares at a p/e of 1.5x 2012 earnings, that's very close to $1.00 per share. Again, without dilution in 2013, assume SIAF will make $100M with 100M shares or $1.00/share. If they raise $15M with 15m new shares, they must make more than $15M -- 100% return -- for the issuance to be accretive: $115M earnings divided by 115M share.
Better, but not good enough. imo. At about $1.50 per share, it becomes perhaps plausible. At the very least, the overhang problem is dramatically reduced.
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