As I understand it, SIAF will spin off one or more subsidiary. I assume they will start with the fish business. They will create a separate company, call it Fishco, and essentially do an IPO for that company on an Asian exchange.
The company will have its own established financials at the time; let's guess $100M in revenues and $20M - $25M in net profits. SIAF, will issue 25% of the shares for sale to the public on the Asian exchange Trading on the Asian exchange will create the value per share.
If the Asian Exchange values Fishco at 10x earnings, it will be worth $200M -- in my example -- or about $3 per SIAF share to SIAF shareholders.
Either SIAF or Fishco will retain 75% ownership; but either way, the total value of Fishco to SIAF shareholders would be $3, either in the new company alone, or in the new company + embedded new value to SIAF.
Other explanations?
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