Kommer SIAF att dela ut 50% av Triway till aktieägarna den 30:e juni? Mycket tyder på det. Dem säger att dem satsar på sista juni och det var 15:e maj dem publicerade detta. När det bara är en och en halv månad från prognos till verklighet kan man tänka sig att det kan stämma. Det är i alla fall en ganska stor sannolik att det blir så, låt os säga 50%. Annars blir det antagligen viss försening. Hur som helst, är man intresserad av SIAF så vill man definitivt äga över x-datumet för den här utdelningen då det kan motsvara ett väldigt stort värde.
Nedan är från senaste rapporten.
Progress and COSO developments concerning Associate Investee, Triway:
l Triway has appointed a Hong Kong based Corporate Service Company (“HKCS”) as its corporate secretary to assist in coordinating with direct registration (book entry) of its shares including the 36.6 % equity shares to the Company and the balance of 63.4% equity shares to the 50 plus original owners / investors in one or more of Triway’s five aquaculture operations (Stage 1). Upon completion of Stage 1, HKCS will register in Hong Kong, Triway’s total paid-up-capital estimated at US$340 million (or the equivalent of HK$2.635 billion), and its total issuance of 100 million shares @ par value of HK$1 each (Stage 2). In this respect, as of April 27, 2017, HKCS’s records reflect 36,600,000 shares having been allocated to the Company, anticipating that allocation to all parties, and the proper filings under Stage 1 being completed on or before May 31, 2017 with corresponding documents for Stage 2 to be submitted to the Hong Kong Company Register within the following 10 days.
l In the interim, the Company is preparing (Stage 3A) the requisite documents to be filed with the SEC in preparation for spin-off and dividend distribution on a portion of its Triway shares.
Broadridge Solutions, the Company’s transfer agent will assist the Company in distributing the dividend once all approvals have been provided by relevant authorities (Stage 3B).
The target remains to complete Stage 3 on or before June 30, 2017, although, it should be stressed, remains dependent on the time required by the SEC, FINRA, etc. to approve the spin-off distribution, including the time needed to distribute an information statement to all Company shareholders.
l Simultaneously, Triway’s team continues working with its financial team preparing the remaining documents needed to conduct a pre-IPO exercise, including its financial forecasts, legal due diligence, valuation models, etc. with formal presentations to the investment community beginning mid-July 2017 (Stage 4A).
l Apart from seeking equity financing from Stage 4A, Triway is also working with other lenders to secure debt financing (in addition to its working line of credit discussed in previous reports), wherein one lender who had begun its due diligence during April 2017 is nearer to providing a formal loan proposal and/or letter of credit at commercial rate to Triway (Stage 4B). Even though the lending facility will be less than what is targeted to be procured in the pre-IPO offering, it will provide Triway with initial capital funding to continue moving the project forward until additional funding is secured through the pre-IPO process.
l Triway’s objective is to secure sufficient outside funding to expand its PPE so as to begin generating the necessary free cash flow to continue its PPE development, with the aim to withhold using operating cash flow for purposes of future capital expenditures, and rather utilize it to maintain and meet its work environment obligations.
l There are many facets to the Triway project that will require meticulous attention, some requiring more time than others, yet attention to detail will ensure smoother outcomes, e.g., healthier production levels, fewer regulatory hurdles, an HKSE listing, etc., all in an effort to provide a better return to the Company’s shareholders in the long-run.
