Sino Agro Food Inc (fka SIAF)

[melehuna]

this company, CEO or BOD haven't delivered anything, zip, nada to get the shareholders to be even close to happy with their investments!

I agree that the share price sucks, but the CEO has delivered on his business plan -- and continues to do so. Next year, the cash flow will take care of this, but this year the company still needs additional funds to execute the business plan. Since I am holding for the long term, the most important thing to me is that the company is on track to meet its targets.

The number of outstanding shares is disappointing, but not as bad as I feared it could be. Solomon needs to fund the company's growth, and to pay the bills, somehow. It's clear that he never anticipated the widespread fraud in the Chinese stocks, and enduring stigma on SIAF's share price. In a formal business planning process with a full risk analysis, this might have been anticipated and alternate mitigation strategies developed. Unfortunately, this wasn't the case, and Solomon is doing his best in reactive mode. Not easy, and not pretty.

There have been more than a few mistakes along the way, mostly due to Solomon's inherent optimism. The effort to list the stock in Sweden probably should have been kept quiet, so that we could all have a nice surprise when it actually happens. Quite some time ago, I indicated that I was worried that Penser would delay again, so that they can examine the Q2 reports. I'll bet that will happen, which stinks for us shareholders. It also hurts the company's cash flow, since they pay Penser a very generous monthly fee, I'm sure -- and one that they only expected to pay for three months. Along with fees to Delphi, and costs of restating trivial information that did not affect any bottom lines, this uplisting process alone may add a few million dollars to their payables!

In my opinion, 5M shares issued since the last update is not good news, but it's also not surprising. After all, it does precede the bond offering.

Also, it is somewhat offset by confirmation that the preferred share count has gone down by 3M shares since the first quarter report.

It seems to me that the WAOS for Q2 will be about 115M+/- basic shares, 122M fully diluted.

There are some really smart people on this board. I wish we could pool our brainpower, and figure how to propel the company out of this quicksand. RD has good ideas, but we can't force the directors to buy enough shares after the Q2 results to make a difference. My fingers are crossed, and I hope that they've gotten the message, and will indeed buy during the allowed time period. But we can't count on that, unfortunately.

Business fundamentals and operations are all solid, and on schedule. Surely there is a light at the end of this tunnel (and it's not the headlights of the approaching train).