After a couple of lengthy VCAT hearings, a couple of Supreme Court appeals, numerous directions hearings and compulsory conferences the legal bill since 2010 for both PPN and the police must be astronomical.
At the end of the day PPN has walked away with a $10,000 fine [the maximum fine was $30,000].
CEO John Trimble and former director / BAR20 manager, received no penalty whatsoever although they each copped an 18 month suspension in the original VCAT decision.
This is all good news for PPN shareholders as BAR20 is once again a valuable "cash cow" with its liquor licencing problems resolved.
The failure of the PPN board to release its annual report on time for a second year is a concern. In view of the unkind things said about PPN's management in VCAT, they really must lift their game. "Asleep at the wheel" was the term used.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
