Empty / TF,
I feel your pain and am in the same boat as all other investors are. However, I feel Solly has done his bit, but I am not sure of the rest of the top management / BOD for Sino Agro have delivered. The BOD should have been recruited to secure funding and just that and be paid for delivering funding.
Playing devil's advocate here, the decision to top up to 75% equity in the JVs was a decision that was taken a coupla years back. Those JVs are operationally successful and it does make sense for Sino Agro to pay up and secure equity. I feel the cashflow from other operations did not quite live up to billing to secure equity of the JVs. Exploring funding options were late getting off the ground and failed miserably. When financiers are paid in stock options in multiples of the interest rate in a funding deal, then funding is secured.
Given where we are now, the most logical option is to dilute to stay alive and embark on an aggressive buy back, when funding is secured or free cashflow is available. Bankruptcy is the only other option in the absence of dilution. Dilution was not planned at this scale but to me it is the only option to pay the bills now. We are carrying a portfolio of assets outside of our core competency and we should try to sell those. Not sure how many buyers will give us a fair valuation for those assets. Worth a try. Try to get funding and scale back securing equity for an aggressive buy back. Forget a divvy for now and get the share count under 100 mil. Dilution till funding is secure is a necessary evil and hope that is sufficient. We are one natural disaster away from going under, as we do not even have insurance. Irresponsible execution and planning. Adults with cryogenically hardened steel b...s for BOD and upper management going forward.
My two cents
kavdiv
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