Both the PPN constitution [clause 50 to clause 54] and the Corporations Act 2001 [sections 199A, 199B & 199C refer] require PPN to have "Indemnity Insurance" to cover stuff ups by directors & officers of the company.
This insurance is very expensive and some companies conveniently "forget" to get it. Nobody notices it is missing because everyone assumes it is included in the general insurance shown on the P&L statements. As Normie Rowe once sang in the 1960s, "It ain't necessarily so!"
We need to find out whether PPN does has Indemnity Insurance as the time may come when a new Board or an Administrator may have to make a claim.
Does anyone know for sure whether PPN does or doesn't have Indemnity Insurance? I assume the new PPN auditor would pick up on this. The former auditor didn't reply to my long list of questions.
PPN Price at posting:
24.0¢ Sentiment: None Disclosure: Held
