agm & vcat trial

With the AGM fast approaching on Friday 31 August, all is not going well in VCAT and the legal costs have blown out into a mountain sized Tsunami.

PPN tried to have some charges dropped but VCAT rejected the argument on 2 August and affirmed the trial date as Monday 20 August. However PPN are appealing the 2 August decision in the Supreme Court. VCAT have therefore postponed the trial commencement date a couple of days to Thursday 23 August to see what happens with the Supreme Court appeal.

Who is the innocent victim in all of this? The minority mum & dad shareholders of course. Everything PPN has touched over the past 9 years since listing in May 2003 has been a disaster. BAR20 seemed to be the exception but now it has run into legal problems because the PPN board were slow to deal with the warnings regarding breaches of the Liquor Control Reform Act 1998.

There are 3 people on the PPN board, two of whom don't hold PPN shares. At the AGM these directors are asking us to vote for them. However they need to explain why they have failed the minority shareholders by not holding the CEO responsible for PPN's failures over 9 years and allowing him to continue collecting an obscene salary.

All shareholders are encouraged to come to the AGM on 31 August and have your say before PPN gets flushed down the toilet. If you can't come to the AGM, lodge your proxy.