PPN has released an announcement today that the Supreme Court has reserved its judgement following the appeal hearing on 14 June and that BAR20 continues to trade at normal hours pending the Court's decision.
As we wait for the BAR20 decision, recent reported events at Crown Casino makes me wonder why they still have their gambling & liquor licence despite the huge number of reported and unreported incidents involving drunks, heavy handed bouncers and a death. Perhaps if the Casino had strippers it might be different.
As PPN managed to trade throughout the entire 2010/11 financial year with its income from BAR20 intact, the big question for me is whether PPN's profit will be similar to last year and whether there is a chance of a dividend similar to 3.98 CPS fully franked paid on 21 Dec 2010.
It would be reasonable to assume that media reports of the the VCAT hearing may have had an adverse effect on BAR20 takings as some patrons may think that BAR20 had closed. If that proves to be the case 2010/11 income may be down a bit on last year.
PPN may have insurance to cover income loss but insurance companies play hardball and are not noted for giving away money without a fight.
PPN will have been saving its cash to pay for its considerable legal expenses. Of course the whole ball game changes if PPN should win its appeal at the Supreme Court and the insurance company pays up as well.
Stay tuned as it has been a month since the Supreme Court hearing and we could get a decision any day now.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
