54m shares traded on 12/01/16, page-20

Alpha, they didn't.

The Form 3 (change to substantial holding notice) was from CSAG (the holding company) and it said this:

"The change in interest of CSAG arises by way of:

1. A subsidiary's acquisition voting interest of 12,000,000 shares from placement shares".

If you go back to the announcement made to the market on Dec 21 outlining the proposed amendments to the convertible notes you'll see that the placement shares were to be split between two hedge funds, one of them being BFAM Asian Opportunities Master Fund LP who were to receive 12,000,000 shares for a total consideration of s$1,452,600.00.

All the numbers and dates match up in the Form 3. The notice is for the BFAM placement. CS is the holding company for BFAM's stock.