We were told multiple times shares WILL be returned when debt is paid. Well debt was paid and they just implied that no collateral shares have been returned yet.
Haha. Always a new surprise with SIAF.
Nor did they say how much debt was paid or whether all of it was Loan 1
They did, sort of ;-)
On December 27 2016, two additional loans from non-related third parties were established (the "Additional Loans"). The total loan amount under these two loans constituted USD 10,428, 044. A total of 1,274,000 shares were issued for this purpose at an implied value of USD 8 per share and disclosed in the 10-K 2016. The Additional Loans have been partially repaid and now stands at USD 4,694,829.
I don't know why they keep telling me it's a $10.4M loan because it's a $7.7M loan IMO. But that could have something to do with the face value versus drawdown maximum of 75%.
Anyway, they repaid roughly half of loan 1+2. It wasn't enough to cover loan 1 (IMO!) but close. But anyway, it was good enough for the lenders. I don't think they broke Solomon's arm.