We can calculate the value of the 2nd distribution as follows. Assuming they will get the collateral shares back.
5.6M + 2.2M TRW shares
7.8M / 42M = 0.185 TRW shares for every SIAF share
0.185 x $3.41 = $0.63.
So,
$0.87 for the first distribution
$0.63 for the 2nd distribution.
A total of $1.50
There is a nice effect here when you split it up. My idea. Because the stock can't come down much after the first distribution :-). Or, it will have to be much higher than $0.87, something like $1.50 - $2 before the first ex-date. Also because of the cash dividends now. The stock will very likely trade higher than $1.50 on the first ex-date, is what I'm saying. Especially if they distribute preferred shares and not warrants.
So this is looking pretty good or exciting even, if... we can make progress.