I guess the awful 20% fee isn't THAT bad;
The 20MUSD is secured through collateral shares @ 12.50$, i.e 1.6 million shares, to which there is a 20% fee of the share-price at the time of repayment. In addition there is a 1.5% transaction fee, which I assume is of the 20MUSD, i.e 0.3MUSD. There is no mention of an interest rate, so I assume that the 1.5% and the 20% is instead of the interest rate.
If our PPS goes up to 12.5$ then the fee will be 4MUSD in addition to the transaction fee of 0.3MUSD, bringing the total up to 4.3MUSD or "only" 21.5% for 3 years. That's actually quite acceptable (compare that to the more decent loan SIAF got from ABC recently).
At our current PPS of 2.5$ (ish) we have 1.6 million shares x 2.5 x 20% = 0.8MUSD plus the 0.3MUSD, i.e 1.1MUSD or 5.5% for 3 years.
This is assuming that they don't need to issue more collateral shares, but given that they were able to make this deal at a price of 12.5$ while the PPS was around 5$ SIAF might not be required to issue more shares? I am also assuming that there is no interest fee in addition to the transaction fee and the service cost.
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