I note that the share price has been stuck on 20 cents for a...

I note that the share price has been stuck on 20 cents for a while now and that there are NO PPN shares left for sale today.

The preliminary report is due soon and that might be a catalyst for some action.

According to the corporate calendar, PPN's preliminary report is due on 30 August 2010 and still no word about the VCAT liquor licence hearing.

Profit from BAR20 and rental from the Horne St property should be about the same or perhaps a bit up on last year.

PPN's legal expenses are probably up in 2009/10 due to the need to defend the BAR20 liquor licence in VCAT but that matter is ongoing and some of the expenses might fall into the 2010/11 financial year.

The half share in the Royal Melbourne Hotel lease was sold for $1 million in late 2009 so I hope that money was used to reduce PPN's debt. If so, the interest bill for 2009/10 should be lower. However, this would be offset by the loss of profit from the RMH lease.

Unless there are some "Black Swan" events that we haven't been told about, I would expect profit for 2009/10 to be in the same ball park as 2008/09 and that spells DIVIDENDS.