Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Remarks: EXHIBIT Ato Form 3Explanation of ResponsesThe Reporting Person DEG- Deutsche Investitions- und Entwicklungsgesellschaft mbH is the lender under that certain full recourse Loan Agreement, dated May 31, 2010, (the "Loan Agreement"), by and among the Reporting Person, the Issuer, its subsidiary Junan Hongrun Foodstuff Co., Ltd. ("Junan Hongrun" and together with the Issuer, the "Borrower") and the Issuer's chief executive officer, Mr. Si Chen, pursuant to which the Reporting Person made a loan (the "Loan") of approximately $15 million to the Borrower. Mr. Chen initially pledged 5,313,574 shares of Common Stock for the benefit of the Reporting Person in order to secure the obligations of the Borrower under the Loan Agreement pursuant to that certain Share Pledge Agreement dated as of October 19, 2010 (the "Pledge Agreement"). Pursuant to a letter agreement, dated November 15, 2012, Mr. Chen subsequently pledged an additional 5,480,492 shares of Common Stock to the Reporting Person under the Pledge Agreement. By written notice dated September 7, 2016, the Reporting Person notified the Agent under the Pledge Agreement that the Borrower was in default under the Loan Agreement and that the Reporting Person was exercising its right under the Pledge Agreement to have the pledged shares registered in its name. Under the Pledge Agreement, the Reporting Person has the right to sell the shares and apply the proceeds to the repayment of the Loan.The Reporting Person is joined by its parent entity (Kreditanstalt fur Wiederaufbau) as an additional beneficial owner in filing its own Form 3. |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.