Well said Alfredo9. If it looks like a duck, walks like a duck and tastes like a duck, then on the balance of probabilities, it is probably not the duck flavoured tofu sandwiches on the ASIC cafeteria menu.
At the time the G Spot letters went out, one of our members on holiday, reported the sighting of PPN's CEO in Bali. By our calculations, Trimble's Metropolis City Promotions Pty Ltd currently owes PPN close to $3.6 million and this debt was overdue on 1 July 2014. Repaying this debt immediately should be Trimble's priority, not the failed Indonesian investment.PPN shareholders may remember the article in The Age on 5 April 2014 titled: "Dirty deals kill plans for $100 million tropical island resort" http://www.theage.com.au/business/d...on-tropical-island-resort-20140404-36457.html
ASIC need to lift their game and enforce the provisions of the Corporations Act as Parliament intended. Unfortunately most of the breaches of the Act could result in fines on PPN rather than the director(s) responsible for the breaches. We saw this happen at the VCAT liquor licence hearing a few years ago with a big fine on PPN. Directors need to be held accountable for their failures. I have been unable to confirm whether PPN still has a directors & officers insurance policy so I will save this question for the next AGM.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
