Here´s my take of what´s happened and happening..
I still belive FD working hard behind the scenes, however I´m quite certain that he´s a smart guy. Remeber that S and ECAB ended up decresing the convertible bond, well If I have been in FD shoes, I would after that started to hedge my pos. I think he have been shorting, even naked the share for some time.., Ive would. ECAB have 10,5% interest on the the remaining bond and some free capital that needs to be in work. Yes, I agree that Dan and S shouldn´t be runing the financials..S is a master of runing the business (of course bad things happen day to day), but shareholder communications is on the lowest level.
Why do think they increased the shares to 50M recently? They need it further on , but not to aquire, they might need it to close the loan to TRW. We have been in Siaf for nearly 6 years and have had already from start, a 10 year horizon, so in my opinion there´s a lot of positive operational pieces that have been in the right direction.
But the communication have worked contra" I still belive we will come out of the tunnel within my horizon, but I don´t think we will have any dividend the coming years. Perhaps they will do the buyback, but maybe the have some better to do if they get some money? We have increased yearly and have soon a quite sub.pos of 500K shares. But I don´t count on a major change in the shareprice the coming 2 years. The ECAB bond date will be a interesting date..
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