PPN 0.00% 20.0¢ planet platinum limited

failure to provide annual report on time!

  1. 318 Posts.
    NO 2013 ANNUAL REPORT
    It will come as no surprise that PPN has failed to provide shareholders with the 2013 annual report by the due date, 30 September 2013.

    SUSPENSION CONTINUES: NO 3rd DIRECTOR
    It has been common knowledge for over a month now, that Robert Bottazzi, elected by Trimble at the last AGM subject to approval by the liquor licencing police, will not be joining the board as the 3rd PPN director. PPN has also failed to make an ASX announcement about this.

    SUSPENSION PERIODS
    PPN has been suspended as follows:
    1. For 23 days from 1 July 2009 for failing to answer ASX queries;
    2. For 302 days from 3 October 2011 for failing to lodge the 2011 Annual Report;
    3. For 133 days from 1 October 2012 for failing to lodge the 2012 Annual Report;
    4. For 210 days since 8 March 2013 for having less than the minimum number of directors.

    TRIMBLE'S DEBT TO PPN
    Besides Trimble, the only other director is John Callanan who promised shareholders that he would demand proof that Trimble held sufficient assets to cover his huge debt to PPN, approaching $3 million.

    I am not confident that Trimble will ever provide Mr Callanan and PPN shareholders with proof that his assets are not so heavily mortgaged that there would be little left to cover the debt in the event of a fire sale.

    I suspect Trimble's likely response to Mr Callanan will be, "You're Fired". Trimble seems to have zero tolerance when independent directors stand up to him and demand accountability. Just ask former director Nick Pitliangos what really happened with his sacking, sorry, resignation.

    AUDITOR
    The auditor was present at the AGM earlier this year when I asked Trimble for proof that he held sufficient tangible assets to cover his debt. It is now up to the auditor to do their job and demand this proof. Can Trimble sack the auditor?

    ASIC
    So where is ASIC when you need them? In my opinion, it is time for ASIC to give up a tea break to call Trimble in for a "Please Explain" interview.

    What is the point of having a Corporations Act and a watchdog if the legislation is not enforced. Perhaps the new Government will make ASIC lift their game.
 
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