Thanks for the advice JACKGREEN even if you don't hold shares in...

Thanks for the advice JACKGREEN even if you don't hold shares in PPN.

The PPN Shareholders Action Group is well aware of the games that can be played with the Rem vote and a close watch is being kept on trading since the last AGM on 31 August.

The 'first-strike' occurred when the Rem Report received a ‘no’ vote of 25% or more at the 2011 AGM on 31 August 2012. The 2012 AGM is expected to be held in November this year so the explanatory memorandum to the next Rem Report must explain whether & the extent to which shareholders’ concerns have been taken into account.

As the PPN directors have not asked the minority shareholders why they united to reject the Rem, it will be interesting to see what the directors write in the explanatory memorandum, if anything, about shareholder's concerns.

The PPN board consists of the majority shareholder and two fairly recent additions in John Callanan & Nick Pitliangas who do not hold any PPN shares and therefore have "no skin in the game".

Paragraph 3.1 of the PPN Constitution provides that the number of the directors must be not less than 3 nor more than 9. I don't thing the PPN directors actually read Hot Copper posts, but the PPN Shareholder Action group would like to see at least 5 directors on the board who show some faith in the company by actually buying some shares. A strong capable board of 5 to 7 directors acting in the best interests of ALL shareholders doesn't seem like an unreasonable request.