bennett v popal

Things are getting interesting ahead of the GM to be held on 9th December.

Carl Popal has again written to SH seeking support to appoint himself and Ray Muskett to ensure that with Doug Taylor (already appointed) that there is a majority of new directors on the Board. there strategy is bring the comapny's alluvial gold plant into production within a matter of weeks to generate an estimated net positivie cash flow of $100,000 a month. He also intends to appoint a Remuneration Committee incuding input from SH to ensure the Board is ethical in exercisisng its powers and working for greater good of SH equity rather than personal gains.

Adam Bennett has also written to SH. he does not question Carl's bona fides but he states that he wants to address incorrect statements contained in Carl's letters to SH.

Adam writes that one of the exciting features of PNE is the size of its tenements, the purchase of which has not been taken into account by Carl. He also states that the option over the tenements held by Mr Cable have not lapsed and that further payments were not made because there are caveats registered on the tenements indication potential encombrances that Mr Cable cannot guarantee a clear title. He also notes that Mr Cable is one of SH requesting the resoltuion to appoint Carl as a director.

Adam also asserts that Carl (and his assocated companies etc.) were retained by PNE to assist in raising capital on the IPO and were paid a commission of between 6% and 8% of all funds raised as well as bieng issued 3milion shares are 3cents per share.

In relation to Carl's assertion that a number of matters have been referred to ASIC, ASX and the cmmercial Crime Major Fraud Division of the WA Police, as far as Adam is aware there is no WA Police or ASIC investigation into the company.