second strike comments, page-2

Very well said - I am in complete agreement. It is outrageous that the Board seeks to deter shareholders from registering their validly held views about the second strike.

The reason shareholders are fed up with this company and its Board are that the company fails to perform and the Board fails to deliver.

Given the concentration of roles in the person of Trimble, the fact that he holds 80% of the shares and the fact that he sits at the other end of one of the two business pillars supporting PPN, it is obvious that the deck is stacked and shareholders have little room to enact change.

Trimble has said that he won't hesitate to use his 80% vote to reinstate the exiting Board if there is a successful spill. On that basis, he should not be surprised if the minority shareholders use what small votes they have to try to advance their aims.

If you look at the figures for the last AGM, you can see that there was a 73% strike rate against the Rem Report. That is an enormous vote of no-confidence. You would think that a smart Board would have engaged with shareholders as a result, but no - nothing of the kind. This Board has taken no steps to meet shareholder concerns - not even asking shareholders what those concerns are. To simply state that a second strike will be pointless is a real derogation of duty to the company.

At Board level, Trimble has no say in either the Remuneration as it affects himself or in the way the Board deals with his $2.5m debt to the company. That's the theory anyway. Obviously a Board which continues to extend his debt term and continues to pay him $450,000 a year is not connected with shareholder interests and must be replaced.

This Board could call in the debt, suspend Trimble's remuneration against that debt, slash his pay and suspend it anyway, or put him on compound interest instead of straight-line capitalization. They do none of these things. The best they can say is that they will offset future dividends against the debt, but at the same time they say there are no dividends coming. WTF?

Bring on the AGM - I'm looking forward to it.