shareholder interest, page-2

PPN AGM 2008
Unlike many companies where directors don't risk a pile of their own money, JT the chief cook and bottle washer of PPN owns 76% and has put his money where his mouth is. He was therefore highly motivated to turn the business around.

My biggest criticism of PPN management is that JT needs to find a new CEO with marketing skills and delegate some responsibilities. JT can't and shouldn't do it all himself. At least he now has the help of a couple of new directors in Gayle & Dragan.

Some mining companies would hype it up and say "MAJOR NEW DISCOVERY" if they found a gold tooth in the dunny, but not PPN. All we get is the statutory minimum and an Annual Report which says, with no hype at all, we made another profit.

I would like to see PPN put out monthly or at least quarterly announcements on how the company is progressing, even if it is just in the form of a newsletter.

On a positive not, PPN certainly knows how to put on a great feed at an AGM. I would go to a PPN AGM just to pigout on the magnificent sandwiches. Being a half owner of the Royal Melbourne Hotel lease helps. Shareholders never come away from a PPN AGM hungry!

I once drove to Geelong for another company's AGM and didn't even get a biscuit. I dumped their shares real quick!

It was a great idea to move the PPN AGM to the heritage listed Royal Melbourne Hotel. It was a weird experience having an AGM in a corridor between the old police cells. Even the dunnys are in a converted cell.

The Cells are located directly opposite the main RMH bar and date back to the 1880’s when they were operated as the City West Police Station and Jailhouse. Inspired by the reign of the Kelly Gang, the jailhouse has had an extraordinary history and the original wooden, multi-bolted doors are sensational. It is worth taking a look at the RMH is you are ever down the bottom end of Bourke St between Spencer & King Streets.

Before I forget, thank you to new director, Dragan, for arranging the free Bar 20 Gold Cards [holder + 4 guests]for shareholders attending the AGM. It was a nice thought but it is difficult to cart around a 44 gallon drum of Viagra on my electric wheelchair. I would have been happy with just a Bar 20 golf cap. Thanks anyway!

Patroyd for PPN Share Holder Action Group
2 December 2008