Treit, i think it is simpler than you are making it. SIAF would own 15MM shares in the fishco, new shareholders in the fishco would own 5MM shares. Siaf would also have a cash injection of 80MM. (this assumes a $16 price) Siaf would be able to distribute as many or as few of the 15MM shares on a prorata basis and as much or as little of the 80MM in cash to current siaf shareholders.
If they didnt distribute any shares and kept the money on the balance sheet then siaf would have marketable securities of worth 240MM and cash of 80MM or about $4.5 a share in value based on 70MM shares out.
If they distribute all 15MM shares each siaf shareholder would get 15/70 or .2142 shares of fishco.
This does not include any of the other business's.