I think I understand your main point. To me the interesting thing is how earnings per share can increase as fast as possible both short term and long term. I realise that the money derived from selling shares is used for many different perposes. The interesting thing the way I see it is how earnings per share would be affected if SIAF had postponed some investments instead of selling shares at a low p/e ratio. I take it for granted that the effect would have been different depending on what investments had been postponed. But I suspect hat such postponement would have increased earnings per share when it comes to some of the shares that were sold during 2012.
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