As new director, MICHAEL JOHN TRIMBLE, is the son of the majority shareholder, CEO, MD & Secretary, JOHN DENNIS TRIMBLE, he is a therefore a "related entity", within the meaning of sections 9 & 228(3)(b) of the Corporations Act 2001.
This means that Michael won't be able to vote on any matter that concerns a benefit to his father and that includes extending the term of the Metropolis City Promotions Pty Ltd Loan Facility Agreement past 30 June 2014. Nevertheless, PPN now has the required 3 directors so the board can get on with business of having the company restored to trading.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
