TS, but Solomon won't sell any assets. He is hoping for the best. That has been his strategy forever. Remember he said in the cc that the company will see light at the end of the tunnel.
Besides, the lower the pps, the more shares he is going to get. Why hurry?
I guess that they will pay back the loans asap. Nothing else makes sense. They are apparently installing a boiler so they have some money! They can also renegotiate the loans as failing is as bad for the lender as for the company.
the low interest rate is indicative of hypothecation. the shares have been sold by the lender and they will have to buy back if the loan is paid. they technically still have the shares on their books.
they do these deals with a portfolio of weak companies because most of the time the companies fail and they don't have to buy back.
they don't have to buyback leaving unrealized profits no taxes and they book the loan as a loss for tax purposes.
the borrowing entity wins since they don't have to pay the loan back and got cash upfront for almost no interest. only losers are public shareholders.
The Swede "But I'm not convinced at all that SIAF will get back those shares." I regret I to say that I agree with you. I think we live in a crooked world and that SIAF does not have what it will take to get those shares back. I hope SIAF will not pay back the loan and still not get the shares back.
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