Real Dutch:
You still mention the SEC, please call them and ask about the FN listing and you will find out that they have no idea
what you are talking about and that their involvement in the process is non-existing...
You are talking about S-1 and S-3 filings but you dont understand that the SWEDISH MARKET would never accept continous dilution, please show me another listed company in sweden who behaves like this... What the company is allowed to do and what the market will accept are two completely different things.
There is no valid argument to delay the listing process, the swedish stock market is up by about 16% this year and since there will be no new issuing of shares in conjunction with the listing it does not matter if the listing takes place during the summer or whenever. We are now at mid september.
Penser will of course give you any number or other reasons but they are not valid.
The goal of the bond is to raise enough capital so that dilution can end... Why do you think that SIAF suddenly out of nowhere wants to end dilution? Because of the listing of course.
You mention that Nasdaq OMX is owned by Nasdaq and therefore it is possible to dilute on a daily basis because you can in America.
This is an absurd statement. You are talking about to completely different markets that works in different ways. Iam not saying that SIAF cant dilute I am saying that the MARKET will never accept such a behaviour since it unheard of and certainly not shareholder friendly.
I have already explained why no big investors would ever invest in a company that continously dilutes, it is not hard to understand that.
Real Dutch >>>> Viking86 "who the F* is Penser to decide how SIAF should run their business?" Well Dutch, Penser is not telling SIAF how to run their business. Penser is telling SIAF what is accepted market behaviour and SIAF is listening. As a hired advisor, this is part of Pensers job description.
Emptyone: I have never said that SIAF is not qualified for FN-listing. I am repeating myself but the MARKET would never accept continous dilution. Penser knows this and First North knows this and both of them have their reputation to consider.
Viking86: you are correct about the instant disclosure of new issued shares, which means that the company would have to issue new pressreleases on a daily basis, this would be complete madness. It would be impossible for SIAF to be considered as a serious company.
Punchinello: Thank you :)
nefariouswu: The question if Solomon has commited fraud...NO! From what I understand he has done nothing wrong according to US regulations. It would however be almost impossible to do this for a swedish company. The reason beeing that you need to hold a Shareholders meeting where >50% of the shareholders have to approve the new shares. The board also needs to present more detailed information about the issuing that i will not go into here. Since SIAF is not a swedish company SIAF does not however need to comply with the swedish companies act. If Solomon from the beginning informed the shareholders and market that he intends to finance the company this way, I think that he has done nothing wrong. If this was not clearly communicated to the market I think that he has done morally wrong.
I also think that SIAF is going about it the wrong way with the bond. They need to get the FN listing before any serious investors would even consider subscribing to a chinese bond from a completely unknown company. So catch 22! As I see it the only chance they have to sell the bond to swedish investors now is if Penser or maybe the Jordanfund somehow vouches for SIAF which of course is a very big risk for Pensers reputation. I dont think the Jordanfund cares too much about their reputation. There is a very long list of bad recommendations made by the Jordanfund in the past.
If SIAF is listed while continously issuing new shares it would be suicide
