It has been a couple of weeks since we read the Herald Sun article about the proposed wine bar next door to the Daily Planet building and we are all still waiting for a PPN announcement to ASX either confirming or denying the proposal.
As usual PPN makes a joke out of continuous disclosure and we have to depend on the media for information.
Journalist Keith Moor, who wrote the Herald Sun article, is an interesting bloke who published a book about the Trimbole family in 1989. Penguin Books are about to release an updated version of Keith's book "Crims in Grass Castles " on 9 March, to coincide with the start of the new Underbelly series.
As Keith Moor has his ear to the ground and seems to know what he is talking about, I take notice when Keith says that Bar 20 was on the market for $10.5m.
Again, a PPN announcement to ASX stating the true position about Bar20 would be appropriate. With no ASX announcement, we can only assume that it is true.
After 5 years, PPN shareholders have experienced several deals with directors and have been totally screwed every time. Why would we expect a wine bar lease in a building owned by Trimble would be any different. Trimble is a liability on the PPN Board and he needs to retire to King Island to grow some wool .
Keep those ASIC complaint forms warm as we may need to use them if we find that the PPN Board has engaged in minority shareholder oppression.
PPN Price at posting:
9.6¢ Sentiment: None Disclosure: Held
