NEW DIRECTOR APPOINTED Minority shareholders will be saddened to...

NEW DIRECTOR APPOINTED
Minority shareholders will be saddened to hear that ASIC records show that majority shareholder, CEO, MD & Secretary, JOHN TRIMBLE, signed a Form 484 announcing the appointment of his 29 year old son, MICHAEL JOHN TRIMBLE, to the board of PPN. This means that the board now consists of the two Trimbles and JOHN CALLANAN.

LOAN FACILITY AGREEMENT
It is highly likely that the term of the Metropolis City Promotions Pty Ltd loan facility agreement has been extended again and that MCP/Trimble is no longer in default. The actual amount of the outstanding debt still needs to be quantified but should be in the order of $3.55 million if the correct interest calculation method is used.

BUYOUT
I have heard on the grapevine that an offer may be made to buy the shares of the minority shareholders and that PPN will not be relisted. At the IPO, Trimble's only contribution was an overvalued building in return for $26+ million shares. The minority shareholders contributed about $4 at the IPO. Trimble has therefore contributed about half the vale of PPN yet now controls around 80% of the shares. Don't be conned is giving him the rest of the company cheaply.

If an offer is made, I won't accept anything less than $1.00 per share to make up for the 50 cps paid at the IPO and 5 cents a year dividends promised in May 2003.

ASX ANNOUNCEMENTS
As with the change of address of the PPN registered office a few months ago, no announcement has been made to the ASX about the new director appointment or default / extension of the loan facility agreement. I will take this up with the ASX and ASIC.

STATUTORY DERIVATIVE ACTION
Depending on what happens in the near future, the 'lawyer button' is close to being pushed and leave sought from the Supreme Court to proceed with a Statutory Derivative Action.