Sino Grandness

[portuser]

Specuvestor

I set out the chronology to show that there were only two restructurings, not four or five stated by you. 

You have stated that bondholders had no alternative but to extend the bonds each time. You may be right or wrong. I only presented facts from official sources.   
  
You wrote:
"If the redemption exceeds 20% all the holders will be redeemed at the same time." 

Where can I find this in the 2011 Bond deed?

You also wrote:
"I would also suggest Portuser do your calculation based on Sep 2018 9% IRR before saying much lower again. I've pretty sick of hearing this "much lower" argument every step of the restructuring. And yes probably they will do the accounting gimmick of posting paper gains until it gets reversed again."

EB liability as at 28 Feb 2017.......RMB 535m
25% and 20% reset to 7%..........RMB 290m
25% and 20% reset to 9%..........RMB 333m

It is a fact that the resetting will lower financial burden. Why should you be "pretty sick of hearing this "much lower" argument every step of the restructuring"?  

Finally, your statement that "the US$25m bank loans are secured against the book value US$100m properties PLUS personal guarantee" specifically referred to the US$25m loan, which was granted by DEG.  

You should be capable of writing it correctly if you had intended to refer to all loans.