It will be very interesting to see the PPS before the first ex date and before the second ex date.
With a normal company we would expect the PPS to be highest before the first ex date, but with SIAF you never know... I expect that we will have a heavy discount (although not as much as today) even after the first ex date is set.
Ideally we'll have the first TRW ex date soon, followed by an ex date for the cash dividend for H2/18 and then the second TRW ex date a month after that. That way Solomon should have rebuilt some crebility before the second ex date so that the PPS will trade higher.
Throw in a financial deal of some sort and the PPS might not fall too much after the second ex date either (countered by anticipated EPS from CA).
One crucial thing with the TRW-ex dates though is to state how many TRW-shares pr SIAF-share there will be in the first distribution (ideally both) so that potential shareholders know that their dividend-shares will not be diluted... If we just get "12.7M TRW-shares" then the PPS will not rise as much since 1) people will expect more dilution, and 2) people will fear it is a scam and that we'll have massive dilution before the ex date. Do you think Solomon will get this one right?