agm - to be or not to be?

Apparently the auditor hasn't approved the final accounts but we have no way of knowing why. In the meantime PPN remains suspended by ASX after its failure to lodge by 30 September 2011.

S.317 of the Act requires PPN to lay the financial, director & auditor reports before the AGM.

S.250N(2) of the Corporations Act 2001 requires an AGM to be held within 5 months after the end of the 2010/11 financial year. i.e. 30 November 2011

Clause 69.1 of the PPN Constitution requires at least 28 days notice of AGM to be given. Time has therefore run out for PPN to hold an AGM by 30 November 2011.

S.250P of the Act requires PPN to apply to ASIC for an extension of time to hold its AGM. Failure to hold the AGM within the extended period may be an "offence of strict liability" [S.6.1 of the Criminal Code]

If we do have an AGM this year, the PPN directors & auditor are going to face some very tough questions from shareholders.