Actually to be fair, ASX listing costs, audit and accounting fees are likely to cost that much for an empty shell (which, PPY probably is best described as....)
The LACK of admin costs actually proves that PPY are doing nothing at all. Not quite sure how they are financing all those many licensing enquiries and due diligence activities that all the potential users are flooding them with!
Actually to be fair, ASX listing costs, audit and accounting...
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