OK. so originally the bond holders were owed $13,741,200, which...

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