I found a couple of random notes I made from the Penser presentation:
The HU plantation looks very healthy with lots more patches of pale green than previous seasons.
Only 10-15 acres of land is required for a 16-tank fish farm.
As noted previously, he is strongly opposed to further dilution even in the form of convertible bonds.
When the slaughter house is complete, he expects to slaughter next yr. 20,000 cattle and 150,000 sheep. He made an elaborate presentation of why at every level of the process, slaughter, package, distribution, etc., the returns multiply. This is perhaps the result of the fact that it is extraordinarily difficult to get a license for a slaughterhouse in China, but SIAF has acquired one, which is one of its major accomplishments and not to be under-estimated.
Solomon views the vertical integration of the company as protecting the downside of the company in a commodity-based business, i.e., he wants to prevent the company from becoming totally cyclical.
The primary reason he has not sought more Chinese banking loans is that banks require repayment of principle and interest every 12 mos., after which a new loan can be taken out, but this kind of lending is appropriate only for more mature cos.
All documentation for the Swedish listing is complete. After this it can take as little as 24 (working?) days for the listing to take place (including transfer of stock certificates from US to Sweden).
