Having been to every PPN AGM since 2003, the atmosphere this year was somehow different to previous years in that there was no hype, just a down to earth semi informal meeting where the hard questions from members of the Shareholder Action Group were answered openly and honestly. One member asked the CEO why he gets paid more than the Prime Minister but I can't remember the answer.
VIDEO OF FLOOD AT BAR20 The huge hail stones that damaged so many cars on 6 March 2010, blocked up the gutters on the Bar20 roof. The weight of the rainwater then collapsed the roof causing over $700,000 damage to all floors. Insurance covered 96% and Bar20 has been refurbished with nice new carpets and furniture etc. All the nearby King St clubs were damaged in the same way.
VCAT LIQUOR LICENCE HEARING Deferred until March 2011.
DIVIDENDS Profits were up in 2009/10. As VCAT hearing deferred, money available to declare a fully franked dividend.
A member asked about the likely time frame for the promised dividend. Board will make an announcement before the end of the year. Board's policy is to pay dividends half yearly. There was a dividend of 2.06 cents this time last year.
Stay tuned for an ASX announcement about the dividend.
PPN Price at posting:
22.5¢ Sentiment: None Disclosure: Held
