PPK

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Ann: Decision of the High Court, page-30

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friendlydwarves

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10/02/24

14:04

Post #: 72338949
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Originally posted by Maxxw: ↑

The case is available to read on Jadelaw

I previously made a summary, See below.

Firstly, PPK tried to force the appeal to be cancelled if the other party could not put a $175k security deposit for legal costs. The judge ruled against this and said it is a bona fide appeal and said it is to go ahead.

It is a very interesting read, It’s based around the revenue of the Exlec and how internal costs / revenue where determined to PPK.

Point 16 there is some very interesting emails from PPK directors….they might be the undoing, if it was good for the directors to consider purchasing private

Point 49 roughly. PPK changed the agreement from NPAT to revenue, obviously not to be in the favour of Flynn considering they go on to openly do creative accounting.

Point 59 -62 Exlec internally supplied enclosures worth 40k with a delivery docket showing 41. the enclosures were made to rectify an issue on the coaltram that was at cost of PPK to rectify. PPK dispute these were actually delivered and dispute the “value”. PPK set the sale price lower than market and different to previous ones supplied before owning Exlec.

Point 63A customer made a deposit for something that was later put on hold. PPK are saying they do not count this as revenue in the period in question. But only when the job is completed.

Point 82 Exlec allowed PPK to do additional scope at another branch, they did not include this in the revenue.

Point 111PPK says that they only charge PPK the labour & material costs and not market value or an agreed value. So it apparent, that creative accounting meant he was never going to meet the target.

Point 136& 143, 144 Judge believes in the appealants claim right. And is entitled to the shares(at previous market value), lost dividends, costs

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no u dont undestand

its only "over legal costs and ppk or ppkme are not at risk of needing to provide shares"

thass what @Tradingday says it so its definately true

PPK Price at posting: 67.5¢ Sentiment: Sell Disclosure: Held
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Ann: Decision of the High Court, page-30

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Ann: Decision of the High Court, page-30

Top Stories

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Week 35 Wrap: HotCopper’s top watched; ‘iron ore winter’ has started; Oz inflation @ 3.5% MoM; Harris fracking flip

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