PPN spent a lot of money purchasing the lease of the Royal Melbourne Hotel from a former director and then bled shareholders money until PPN realised they didn't actually know how to run a hotel.
Despite promises that the money bleed had been plugged and that Royal Melbourne Hotel Pty Ltd was making a profit , no income appears in the PPN P & L.
I now notice that an application has been lodged with ASIC to wind up Royal Melbourne Hotel Pty Ltd in which PPN owns half the shares.
So who now owns the RMH lease?
When is PPN going to learn that it must tell ASX about important matters such as this.
PPN Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
