Mark; If someone tore down your shed and built a castle where it had been and told you that you own 36.6% of the castle, would you have been upset?
The TRW we own 36.6% of is NOT the same as the TRW we owned 75% of earlier... This has been adressed several times, and there is even a FAQ about it on SIAFs webpage.
What have materialized? Well, for starters; TRW is now an independent company. If SIAFs messes up, then that will not affect TRW. This is not good for you? Isn't this one of the reasons to why people don't trust SIAF? Now they've done something with it!
Yes, we DO have an idea what TRW is worth! We have both a certified value of TRWs net assets, AND a fair value of TRW (I don't remember the numbers, but you can check yourself - even the dividend shares should be worth more than the market cap of SIAF). If my memory serves me, then the "paid in capital" registered in HK matches the fair value estimated by D&B in their DD for ABC (keep in mind that since D&Bs customer is ABC, then D&B has NO interest to boost the value of TRW, quite the opposite). If you disagree with D&B then make your own estimates - we know both book value and earnings, so there should be enough to make a rough estimate (you can even choose to ignore the growth-story of TRW since TRW hasn't got the loan and/or pre-IPO yet).
Regarding going to China; are you referring to the result of Q3, or the whole legitimacy of SIAF/TRW? If it's the latter then several posters on this board HAS been in China. I have not, but I have met one professional investor who has been there. We also know that ECAB did a decent DD and we also have other professionals as shareholders - Fredly, Høgseth, D'Alessandro (although I don't know whether they have been there or not). It if was the first then we know that TRW is profitable, it's proven over several years already. Worst case scenario the production is lower than expected - so what? The current PPS doesn't reflect the value of TRW. We're in here for the long run, not to exploit shortterm fluctiations in PPS.
Maybe you can get the SIAF-shares cheaper, maybe not. You don't want to buy shares because you don't believe that TRW (not SIAF) can't get the loan, and that you don't believe that CA will get any deals? Fair enough. You want to sit on the fence WHEN the F-1 filing is done? Good luck :-) However, there is a HUGE difference between saying that "you can get the shares cheaper if you wait" and "this is a scam".
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