RE:I am worried, so should you.
That's why AGRA had to throw in that 20% buy-in and SOW got a lot more than 40M in return for their investment. Your figure confirmed that. This is business. It was win-win for both. AGRA was still one of the better performers in this sector even after coming back from their highs earlier this year and holding well. You can say if they were to invest that 40M in another company, they'd likely not get that much if not losing money, since AGRA was undervalued and many others were overvalued. Honestly, at the time of the JV announcement, there were some other bigs looking for greenhouse space, that prospect of having partial ownership of PSC, you think it would be hard? Though I would think AGRA or Houweling preferred smaller entity so they have more control.
You can keep arguing about the figure, let's do it this way. Okay, so SOW has over 400M shares of AGRA, including about 400M shares to be distributed to shareholders. If you say based on that, SOW's valuation should be around 100M. Fine, but that's not how it works because you can't say those almost 400M really belonged to shareholders. When they're unlocked and people sell, the money from the sales won't go to SOW but the people themselves. Then where do you justify SOW's valuation being half of AGRA's valuation? Think about it.
I already read it. Doesn't mean much. Bad management and no stable supplier before, AGRA can solve that. And if you based your belief of what people think of the deal on today's trading, you really haven't been paying attention what's been going on the last few months. It's not just AGRA but the whole sector in general. Even if the license is issued, may not see a sustained big boost either until the whole sector recovers.