Overdue preliminary 2014 accounts

It comes as no surprise that the 2014 Preliminary Final Report [Appendix 4E] was not delivered to ASX by the due date of 30 August 2014.  

The last PPN announcement of any kind was  a year ago when the 2013 Preliminary Final Report  was posted on 30 August 2013.  We never did get the 2013 annual report or an AGM and it seems that the PPN board is treating the minority shareholders with total contempt.  

Minority shareholders wishing to know about PPN's performance for both 2013 and 2014 are advised to contact their local psychic.  This could be of more benefit that phoning  PPN's registered office at Bryant and Bryant following the aborted 10 cent offer from G Spot Investments Pty Ltd.  

We must not forget that there is currently a second director, Mr John Callanan who has many options open to him to pull the CEO into line and get the PPN circus back on the road.  This might include seeking independent legal or accounting advice and making an appointment with the friendly staff at ASIC for a 'friendly chat' .  I am sure they would love to hear from him.   Doing nothing is not an option for Mr Callanan.

John Trimble, John Callanan and the soon to be appointed Micky Trimble, pending VCGLR approval, would be advised to read the information for directors on the ASIC website as follows:

What does the law expect of you personally?
As a director, you must:
*   be honest and careful in your dealings at all times
*   know what your company is doing
*   take extra care if your company is operating a business because you may be handling other people’s money
*   make sure that your company can pay its debts on time
*   see that your company keeps proper financial records
*   act in the company’s best interests, even if this may not be in your own interests, and even though you may have set up the company just for personal or taxation reasons, and
*   use any information you get through your position properly and in the best interests of the company. Using that information to gain, directly or indirectly, an advantage for yourself or for any other person, or to harm the company may be a crime or may expose you to other claims. This information need not be confidential; if you use it the wrong way and dishonestly, it may still be a crime.
*   If you have personal interests that might conflict with your duty as a director, you must generally disclose these at a directors’ meeting.

What work must a director do?
*   You and any other directors will control the company’s business. Your company’s constitution (if any) or rules may set out the directors’ powers and functions.
*   You must be fully up-to-date on what your company is doing:
*   Find out and assess for yourself how any proposed action will affect your company’s business performance, especially if it involves a lot of the company’s money.
*   Get outside professional advice when you need more details to make an informed decision.
*   Question managers and staff about how the business is going.
*   Take an active part in directors’ meetings.
*   Only be a company director or a company secretary if you are willing, able and have enough time to put in the effort.
*   Avoid any company where someone offers to make you a director or secretary on the promise that ‘you won’t have to do anything’ and ‘just sign here’. You could be exposing yourself to many legal liabilities.