When JimiHendrix2 posted "Planet Plummet' on 13/11/09, the PPN share price had fallen from 27 cents to 16 cents on low volume.
Since then we have seen the price go up and down like a dunny seat but also on low volume.
Many of the larger PPN shareholders have sold out into the buyback over the past year and I suspect that many of those that are left have so few shares that their sale at current prices wouldn't even pay for the brokerage.
The 2008 annual report say there was a total of 1122 shareholders. Of these 506 shareholders held less than 5000 shares. Only 9 shareholders held more than 100,000 shares [86.83%]. Good luck if you can find some for sale at realistic prices.
WE are still waiting for an announcement from PPN as to what then intend to do with the $1 Million proceeds from the sale of their share in the Royal Melbourne Hotel lease but the options seem to be:
1. Reduce PPN debt 2. Fund further buybacks 3. Do something stupid with the money.
I thought Jimi Hendrix died on 18th September 1970 but he is apparently alive and well and interested in PPN.
According to Wikipedia, James Marshall "Jimi" Hendrix (born Johnny Allen Hendrix ) was an American guitarist, singer and songwriter. He is often considered to be the greatest electric guitarist in the history of rock music by other musicians and commentators in the industry,and one of the most important and influential musicians of his era across a range of genres.
PPN Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
