PPN's liquor licence re-trial at VCAT concluded at 4:20 pm on Friday. The Judge has reserved his decision.
You will be pleased to hear that the police abandoned their request to have PPN's liquor licence and sexually explicit entertainment licence suspended. The company may still receive a fine. This is good news for shareholders and the bankers as it means PPN still has a profitable business.
Shareholders should be grateful to PPN's barrister John Ribbands who carved up the police case like a chainsaw through butter
Members of the PPN Shareholder Action Group attended every sitting day. Of particular interest was the cross examination of the main players on PPN's board which resembled a very intense performance assessment. "Asleep at the wheel" was a term used to describe the CEO. There is no provision in the legislation to fine Trimble & Micovski. The options are a suspension or nothing.
Stay tuned for further information as it becomes available. No doubt you will find the latest news here on Hot Copper long before PPN releases an announcement to ASX.
We are still waiting for the final accounts. Unless they are signed soon, PPN will run out of time to hold the 2012 AGM within the prescribed period. Action Group members will be requesting a special general meeting unless the accounts are signed this week.
The PPN Action Group has also sought legal advice regarding an action for "Oppressive Conduct of Affairs" under Part 2F.1 [sections 232 to 235] of the Corporations Act 2001. This is a last resort should the new directors fail to demonstrate that they are willing to act in the best interests of ALL shareholders. A good start would be tearing up the CEO's service contract and calling in his debt so that PPN can repay the bank a substantial part of what it owes.
PPN Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
