OK. so originally the bond holders were owed $13,741,200, which they reduced to $7,633,000 in exchange for shares
therefore the former bondholders or "insiders" were originally (before listing) given 150,033,070 shares at 4.1 cents each to convert $6,108,200 in debt
at 31/12/16, the bond was $8,649,000
on 1/11/17, PEZ received a demand for SGD$9,991,233, which is currently AUD$9,808,044
so its difficult to know how many shares the bondholders now hold but if they still hold 150,033,070 shares; AUD$9,80,8044 divided by 150,033,070 shares equals 6.5 cents per share
based on the last balance sheet, if writing off the $15M in other assets (prepaid expenses & lease), $10M in goodwill, $10M in land use rights, $3M in property, $15M in receivables, reducing cash by $30M and adding $10M liquidators costs, the company now might have $85M in net assets or 9 cents per share
however, it is difficult to believe this.why would the company not repay the boldholders $10M if the company had $180M in net assets at 31/12/16?
the positive thing is the former bondholders are major shareholders & hopefully are seeking a maximum return from liquidation
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