Ann: Corporate Governance Statement, page-7

Hahaha I think the more likely reason for the announcement is that it is response to numerous complaints to ASIC.

IMO it is definitely as ass cover exercise as suggested by jonpg55. Key take aways (my interpretation anyway - I am not a lawyer but there seems to be a lot of hidden gems buried in the text)...

1. The board and individual directors are not subject to formal performance appraisals / evaluation. This makes sense otherwise they wouldn't have a job.

2. PRL does not have a board capable of discharging it duties effectively - apparently we could be lacking size, compositions, skills and commitment. So...what are they doing if not their duties?

3. The integrity of our corporate reporting can not be guaranteed - so basically the company can announce whatever they want and it may or may not be true. Good to know and certainly in line with historic reporting. How many time was our drilling program fully funded?

4. PRL is not able to recognize and manage risk. This on is a no brainier...

5. PRL does not remunerate fairly and responsibly. Not much of an issue anymore as we have nothing to remunerate with...

The clown show continues! These guys can pretty much do whatever they want from here and won't be accountable because they told us they are incompetent and not complying! Surely they are accountable for everything prior to this announcement though right? And when were they aware they were not complying? These clowns belong in prison. End of story.

Will be interested to see where it goes from here but surely bankruptcy is not far away now... Perhaps a TH tomorrow morning before open.