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Same here, not looking for a GO at this stage, unless the offer price is compelling. Could it be another attempt to list Rivalea? Since the primary business is now turning the corner.
Just thinking through my thoughts aloud here.

As recent as this year AGM, I remember they mentioned they will not attempt to list or sell the pri production business in the short term but concentrate on improving it. Hence it will take very large incentive for something to happen here which is unlikely for this cyclical business. China (shortage of pork) at the moment cannot buy since they cannot export to china. Hence one possibility is the lifting of fresh pork export from australia to china.

The pri production business seems stable at the moment. If there is to be any negative news like profit warning, it is probably from bakery or distributiuon/warehouse. Maybe something to do with GBKL?
Did Lin Kejian exercised his option to acquire the 47M shares from Didi Dawis at $1.14/share? I cannot find any confirmation of this.
The option expired on 31 March 2019.
In the latest AR, the shareholdings (as of 15 March 2019) show the option has not been exercised yet.
The options were exercised on 4th April 2019.
(07-11-2019, 04:40 PM)karlmarx Wrote: [ -> ]The options were exercised on 4th April 2019.

Thanks, I see now. Tower ridge transfered the options to Tianwan for 100k. Then Tianwan exercised the options. So Halims owns around 65% now. I summed the direct interests, not sure if correct.
(06-11-2019, 07:59 PM)cyclone Wrote: [ -> ]Request for Trading Halt : Pending release of announcement.

Request for Trading Halt was just for third quarter results announcement.
It is this: (fr the 3q report section 10)

In 2017, the Company embarked on a possible listing of its Primary Production business in Australia, which was subsequently not pursued. The Company has recently in November 2019 appointed Rabobank Singapore to advise on strategic options in relation to its investment in the Primary Production business. Further details will be announced at an appropriate time. The Company would like to highlight that this process is in its preliminary stages and the outcome is dependent on, inter alia, the results of preparatory and other work to be undertaken, approvals from relevant regulatory authorities if necessary and other conditions. Accordingly, there is no assurance that any transaction will materialise or otherwise proceed in due course. Shareholders and other investors are advised to refrain from taking any action in respect of their securities in the Company which may be prejudicial to their interests, and to exercise caution when dealing in such securities.
The Group intends to expand its Distribution and Warehousing business regionally, especially for the export markets in Myanmar, Thailand and China.
Under Note 10 of the announcement, the company mentioned that it has in Nov 2019 appointed Rabobank Singapore to advise on strategic options in relation to its investment in the Primary Production business. So another shot at IPO is perhaps in the plan.
Selling part or all of the primary production business -- which is capital intensive yet generates low returns -- will allow QAF's capital structure to be more efficient. But as with most matters related to capital markets, best not to hold your breath.
I don't really think that the primary production business is having that much of a recovery basically due to the drought situation. The drought in Australia is at historic worst. And given the countries strict bio security laws, its tough for grains to get imported. I believe there was an exception for wheat just this year, and hopefully with more exceptions that can bring down feed price.

Honestly, I have toyed around with the numbers, but at the moment this company doesn't entice me into buying. I don't really think the primary production business can attract a high valuation.

Lastly, I think they will cut dividends... They are at a historic low on cash and their 5 cents a year dividend of $29m is not sustainable. There is a need for working capital etc and I doubt a conscientious management would drive the cash pile lower.

These are my opinions and hopefully won't offend anyone...
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