The members of the PPN Action Group who attended the last Thursday had most of their questions answered but the ASX announcement is a bit light on information about the AGM.
PPN future dividend policy? PPN paid a 2.06 Cent franked dividend in Sept 2009. Subject to future profits, they expect to pay an annual dividend from now on.
RMH contribution to PPN profits? RMH contribution of $96,689 to profit appears as "Share of net profits from associates accounted for using equity method" [see page 18 of annual report]
Offer to buy PPN's half share of RMH lease CEO announced that they have received an $1M offer to buy PPN's half share of the RMH lease. They will make a decision on the offer in the next day or so. If they do sell the lease, it is likely they will use the money to reduce their debt.
Board meetings? Only 1 formal meeting held in 08/09 but they do communicate electronically when decisions have to be made. Auditor advised that they are not required by law to have any meetings.
Auditor replacement New auditor is about to be appointed.
Re-election of Gayle Howard Gayle confirmed that she is in fact an independent director looking after the interests of ALL shareholders. It was good to hear that Gayle was not a "puppet" employee who could be sacked if she didn't vote the way she is told. I hope Gayle and Danny remember that when they review the CEO's remuneration.
Share Holder Action Group Meeting again on the 30th Nov for a postmortem on the AGM.
PPN Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
