Actually it is 10%, not 13%. If $150M = 30% then $50M = 10%. The number was stuck in my memory from some past calculation.
The problem is, there's no indication that SIAF can actually get a loan. It's all in our heads. So let's do the first spin-off and see what happens next. I don't feel like waiting until August until we get the first pre-IPO round though. I think they can do better. With the low debt and asset value etc.
So, two spin-offs of 25% and SIAF retaining 28.3% pre-IPO would be nice indeed. You get the best of both worlds.