SPECIAL GENERAL MEETING UPDATE I previously mentioned that PPN minority shareholders with a combined shareholding exceeding the required 5% had lodged a request for a Special General Meeting under section 249D(1)(a) of the Corporations Act 2001.
We have confirmed that SGM request was received at PPN registered office on 6 June 2012. The deadline for PPN to set a date for the SGM is therefore 27 June 2012.
The CEO is overseas at the moment but is due back in Australia just before the 27 June deadline. We expect the CEO to sign off on the final accounts for 2010/11 when he gets back next week and announce an AGM rather than a SGM.
SHARE HOLDER ACTION GROUP After the 2008 AGM, a number of minority shareholders, unhappy with the way PPN was being run, exchanged email addresses and founded the PPN Shareholders Action Group who meet regularly to discuss developments.
Individually our shares/votes carry little weight, but combined we were able to demand the SGM.
PPN Price at posting:
25.0¢ Sentiment: None Disclosure: Held
