Sino Agro Food Inc (fka SIAF)

[NewJerichoMan]

DILUTION

From Page 22 (per the footer)

"Dilution represents the difference between the offering price and the net tangible book value per share immediately after completion of this offering. Net tangible book value is the amount that results from subtracting total liabilities and intangible assets from total assets. As of September 30, 2012, we had $183,059,109 in net tangible book value and $1.99 in net tangible book value per share. Because this is a direct public offering, with no minimum number of shares that must be sold, it is possible that none or some of the maximum number of shares offered will be sold. In our case, the net tangible book value per share is higher than the offering price, so the sale of the shares to you is accretive rather than dilutive."

Solomon wants to raise $30M (loss factor is 12.5%+, $26,250,000 to mainly SJAP, -HSA - ratio of 30%, 30% and 40% respectively). He has about 20M shares left in his arsenal. So if he can get the price he's asking, it's mathematically possible.