The historical share prices and volumes from May 2003 are still painful to look at, but do you remember all the hype in the media about the Daily Planet at that time?
The shareholders who bought at the May 2003 prices [$2.05 high on 2/5/2003] believed they were going to make a lot of money. However the directors should have known by 1 May 2003 that they could not deliver the promises made in the Prospectus. DPL/PPN had not raised the minimum subscription and this reduced the expected income by about 1/3 under the terms of the lease.
A profit downgrade announcement to ASX in May 2003 would have been nice.
Some optimists still believe PPN could recover with the right leadership who would give shareholders a fair deal.
Wouldn't it be great to see the 2003 prices and volumes again but with the year being 2009 instead of 2003.
If we received fair market rental on Horne St.
If Horne St was valued using the correct criteria based on fair market rental.
If the CEO was paying the correct penalty interest rate on his loan facility.
If RMH paid PPN the dividend due from its 2008 profits. [We are not informed as to why RMH withheld its dividend]
If PPNs new investments make money.
If Bar20 and RMH continue to be "goldmines" for PPN
That is a lot of ifs, but the PPN balance sheet might actually healthy IF .................
PPN Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
