Sino Agro Food Inc (fka SIAF)

[Benoit1]

A few takeaways from the CC. Some has already been mentioned:

Free cash flow positive (cash rich) after MUSD 26 financing this year (preferably a bond offering after FN-listing and/or Hong Kong bond offering after they get a credit rating, probably in May). Work in progress towards credit rating.

They will allow debt while the company matures, starting now. A prudent view would be a debt/equity of 5-10 %, meaning that they could take a loan of about USD 20 at the moment.

Using 130 million authorized shares is the worst case scenario if none of the ongoing financing plans would work. Not the main scenario.

Legal due diligence ahead of FN-listing completed. Timing for listing can't be determined but ASAP. Every day of delay costs money.

SJAP - first Dragon Head status. Then spinoff in Hong Kong.

George Yap - will buy shares later in the year (not 100 % sure because of bad line)

Equity marketing - Talking to various investors in China and Hong Kong.

Peter Grossman - IR-person. Considering 3 different IR-firms in Sweden bet decision has not been made yet.

Dividend - considering increase after 2014. Could also come earlier depending on financing.

Solomons strong voting power. No concern for listing or financing.

Outstanding share count right now - 112 million.

A very bullish CC in my view.

Regards
Benoit