Replies to post #146645 on Sino Agro Food Inc (fka SIAF)

[RealDutch]

Garrett

On October 20, 2017, the Company issued a Convertible Note (i.e. "Note 2") with a principal amount of $4,000,000 due on February 28, 2018 and subsequently a US$600,000 short term note (incorporated into “Note 2”) also scheduled to mature in February 2018. The note holder had the option to convert all or any part of the outstanding note into the common stock of the Company (the "Primary Optional Conversion") or TRW (the "Secondary Optional Conversion") at any time for a period of eight months from the note's maturity date. The conversion price for Primary Optional Conversion is lesser of $1.50 per share or at 65% of the market share price of the Company. The conversion price for Secondary Optional Conversion is $3.41 per share subject to equitable adjustment for stock split, stock dividend or rights offerings.



Under the agreement, the Company shall pay the note holder 120,000 common shares of SIAF or 32,000 common shares of TRW as an origination fee. The note bears a flat interest payment which shall be settled by 200,000 common shares of SIAF or 55,000 common shares of TRW.



As of the date of this report, no settlement has occurred for either the origination fee or the interest payment, and as such the note holder and the Company are preparing a settlement agreement to revise the final settlement at a sum of US$6 million covering both principal and interest payment to be paid in installments within the next 9 months by April 2019. The Company is expecting the final agreement to be executed approximately 7 business days after the filing date of this report.

This was also addressed later during the conference call and they mentioned a later date, July 2019. (Which also tells you that cash flow expectations have been delayed. What else is new with this company).

ECAB

The Company and the note holder entered into a restructuring agreement regarding the settlement of the Note 1. Both parties have agreed to restructure the indebtedness represented by Note 1 as follows: (a) SIAF issues 5,196,333 shares of its common stock and transfer 400,000 shares of TRW to the note holder; and (b) SIAF executes a new promissory note in the principal amount of $15,589,000 to the note holder to be paid in installments over a period of time. However, both parties remain open to negotiate an all-cash settlement of the Note 1.

Please stop updating posts so frequently because you are driving me nuts.