The ASX announcement says that Michael Trimble has been appointed to the PPN board where he will join his father, John Trimble, and their long time family friend, John Callanan, on the PPN board. We now have a quorum of 3 directors.
When might we expect the 2013 and 2014 annual reports?
It is an offence to sign an incorrect annual report. The word is that the interest calculation on the loan to Metropolis City Promotions Pty Ltd has been incorrect for many years and needs to be recalculated retrospectively in accordance with the 'Loan Facility Agreement' signed by Trimble on 13 June 2003.
If the board now approves the 2014 annual report with the interest correctly calculated then they are acknowledging that the annual reports for several years were wrong. I therefore won't hold my breath waiting for the 2013 & 2014 annual reports but it would be nice to get them and see how little is left of our investment.
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
