CHANGE TO PPN BOARD & BAR20 MANAGEMENT Following the suspension of PPN by ASX late last year, there has been no information being released to the market. It is my understanding the ASX suspension doesn't absolve PPN from notifying the market and ASIC of certain notifiable events such as changes of directors etc.
I note that the PPN website says that the management team is now John Trimble, John Callanan and Nick Pitliangas. Enquiries reveal that Dragan [Danny] Micovski left the PPN board some time ago and is no longer the Manager and Licencee of BAR20.
Danny has been replaced on the PPN board by Nick Pitliangas who is the holder of a current Victorian Liquor Licence and is now the Manager of BAR20.
The blurb says: "...... Nick brings with him more than 27 years of professional hospitality management experience, including the management of corporate bars, nightclubs, live music/comedy and food driven venues. He has vast experience in venue and function management, including staff and the general public. Nick also has a consistent, verifiable record of achievement in his field which is evidenced by his compliance with all relevant liquor licensing and council by-law regulations......"
AGM & FINANCIAL REPORTS Don't hold your breath waiting. Several shareholders have lodged complaints with ASIC. We need to know why the auditor wouldn't sign off on last years accounts.
BAR20 LIQUOR LICENCE Last year the original VCAT decision to cancel the BAR20 liquor licence was overturned by Justice Kyrou in the Supreme Court on points of law. This matter was back in VCAT today for a Directions Hearing and a date has been set for a new 10 day trial commencing 20 August 2012 unless common sense prevails and a settlement is reached at a compulsory conference set for on 7 June 2012.
LEGAL COSTS Justice Kyrou awarded the costs of last year's Supreme Court appeal against the Vic Police but apparently they haven't paid up as yet. PPN also asked VCAT today to award costs against the police for the lengthy VCAT proceedings last year. VCAT has been asked to decide whether PPN gets all or part of the $250,000 costs claimed. The police's own costs must be horrendous. Pity the poor taxpayers!
PPN Price at posting:
25.0¢ Sentiment: None Disclosure: Held
