Ann: WestStar Adds Blue Chip Retail Projects to Order Book, page-15

For the sake of clarity - Checked the Annual Report & only convertible notes relate to prior loan from non-exec director for around $565,000.   

Seems like a good deal for both the company and the lender.   He should now have been allocated 20,000,000 shares and 20,000,000 options that can be converted at 2c within 18 months i.e.  He would have to pay $400,000 to convert them to ordinary shares by mid 2020.   

Quotes from report  below:

"On 24 April 2017, the Company entered into a Convertible Note agreement with WestStar Precast Pte Ltd, an entity associated with a Non-Executive Director, Lay Ann Ong in satisfaction of an outstanding loan. The balance reflected will be extinguished on conversion of 20,000,000 Convertible Notes with each Convertible Note being convertible into one Share and one Option exercisable at $0.02 each on or before the date that is 18 months from the issue date of the Options."

In a separate footnote:  "Convertible Notes are convertible into one Fully Paid Ordinary Share and one Listed Option exercisable at $0.02 each on or before 6 December 2018. This issuance was approved by shareholders at the Company’s General Meeting held on 5 June 2017. "