Ann: Monthly Activities Report for May 2021, page-2

More very slow progress from PPY This report says:
"The establishment of a joint venture company (JV) under Chinese Law (ASX announcement 28 April 2021), continues to be a work-in-progress"

Given that the original announcement talked of a 5 stage process and finalisation by the end of July, the above "progress" seems to mean we are ONLY at Stage 0ne. I reproduce the staging information below from that announcement. Clearly this one is not going well.

It still staggers me that all we are left with is a proposed process to get a fibre mush to make "trays", and a watery liquid that is apparently supposed to be fertiliser. Even this equipment doesn't appear to work yet. The original patents and equipment for "banana trunk fibre veneers" have been totally abandoned it seems. There appears to be zero sales of anything. So much for the dozens of staff in the happy snaps from a couple of years ago. All those truckloads of banana trunks being fed into conveyor belts into the veneering machine- all gone...

* Stage one contemplates the establishment of a joint venture company under Chinese Law, with a completion date target of end of March 2021.
• Stage two requires the JV Company to undertake comprehensive project research in China regarding the Government and all other requirements to establish the first Project within or near the banana growing areas.
• Stage three would requires the JV Company to organise in 2021 field trips for PPY officers to travel to China to assess the proposed site for
the first manufacturing facility and inspect the available banana plantations.
• Stage four requires the develop a business plan for the JV Company to undertake the first Project which will require patented Papyrus 2
equipment and other proprietary fibre processing machinery required for the first Project.
• Stage five requires the execution of a contract between PPY and the JV Company no later than the end of July 2021, together with the payment of a deposit to PPY for the purchase of proprietary plant and equipment necessary for the first project in accordance with the agreed business plan.