I was under the impression that PPN has been operating with 3 directors following the appointment of Michael Trimble to the board on 15 October 2014.
An ASIC company search revealed that a Form 370 [Notification By Officeholder of Resignation or Retirement (370)] was lodged with ASIC on 7 April 2015.
The form reveals that John Callanan resigned as a director of PPN on 23 December 2013. Although Mr Callanan's resignation was accepted by CEO/Secretary/majority shareholder, John Trimble, on Christmas Day 2013, he neglected to tell either ASX or ASIC of Mr Callanan's resignation, effective from 23 December 2013.
I applaud ASIC's application for John Lindholm, of Ferrier Hodgson, Melbourne, to be appointed as liquidator and, pending hearing of the winding up application, as provisional liquidator of the company, to provide a report to the court and to ASIC on the affairs of the company.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
