Replies to post #146562 on Sino Agro Food Inc (fka SIAF)

[RealDutch]

If I understand things right, if they turn back the clock, 12.71 M TRW shares are returned to TRW in exchange for the cleared accounts receivable of 43.3 MUSD, thus reversing the 2017 operation.

Almost... The account receivables are settled now, for this distribution to us. That's why it is tax-free (for SIAF). But yes, the debt to SIAF will go up by $43.3M. (Because it went down in 2017 by the same amount).

And some more, from 2016, apparently. Because we don't have enough receivables. They are distributing the whole 18.3M shares now. Or $62.3M. Instead of just 12.71M shares which was the original plan (for the 1st distribution).

But in the meantime, the amount due from TRW to SIAF has increased to 62.3 MUSD(*)

The amount due currently is $59,312,033. You can look it up in the Q2 report (F-34). This is real debt, so has nothing to do with the receivables. This is something else. Apparently this number will go down slightly because... we don't have enough receivables. After which it should go up by $62M when SIAF gives the 18.3M shares back. If they give them back.

That's how I see it.

As for the $59,312,033 owed to SIAF, yes there was a sudden surge in this number in Q1 this year I think. But that's probably not what you are referring to. The reason for this was, the transfer of the $18.3M "fish pond" to TRW that was owned by SIAF previously, possibly some deposits for FF2, and, deposits that SIAF got back from their suppliers (that solomon used to finance TRW with, although he will never admit it).

So you can see, there are a lot more assets lying around, here and there, than most people think. And I still have a feeling I'm not there 100% quite yet. But I should be close.