Replies to post #1697 on Sino Agro Food Inc (fka SIAF)

[CSykes]

Audited Share Capital..

Where the insiders and partners stand in regards to the value of their shares.

From the Audited 2006 and 2007 Annual Report, conducted by Madsen and Associates, CPA's, a PCAOB registered firm.

http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=22945

Page 29

SHARE CAPITAL

The Group’s share capital as at December 31, 2007 and December 31, 2006 shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as at that date and reverse merger date respectively.
The Company has authorized capital of (i) preferred stock $10,000 divided into 10,000,000 shares of par value $0.001 each with 0 shares issued and outstanding, and (ii) common stock $100,000 divided into 100,000,000 shares of par value $0.001 each with 52,943,579 shares and 32,000,000 issued and outstanding at December 31, 2007 and December 31, 2006 respectively.
On July, 24 2007 the Company completed the implementation of capital reduction scheme and reverse merger that resulted in :-
(a)
The cancellation of shares outstanding of 9,900,000 valued at US$199,800.
(b)
The issuance of 10,804,579 shares value at US$10,805 to existing debenture holders; and
(c)
The issuance of 139,000 shares valued at US$139 to existing public shareholders.
(d) Reverse merger of 100% equity of Capital Award Inc.
The purchase price of $19,707,157 was satisfied by the issuance of 32,000,000 SIAF shares valued at $19,707,157 or $ 0.6158 per share each in exchange for shares of CA.
On September 5, 2007, the Company completed the acquisition of the following subsidiaries as follows:-
(a)
Acquisition of 100% equity of Macau Eiji Company Limitada
The purchase price of $6,675,000 was satisfied by the issuance of 2,000,000 SIAF shares valued at $4,675,000 or $2.3375 per share and the balance of $2,000,000 paid in cash.
(b)
Acquisition of 100% equity of Hang Yu Tai Investment Limitada
The purchase price of $26,910,000 was satisfied by the issuance of 7,000,000 SIAF shares valued at $16,910,000 or $2.4157 per share and the balance of $ 10,000,000 paid in cash.
(c)
Acquisition of 100% equity of Tri-way Industries Limited
The purchase price of $3,250,000 was satisfied by the issuance of 1,000,000 SIAF shares valued at $2,250,000 or $2.25 per share and the balance of $1,000,000 paid in cash.
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