In an email to shareholders Carl Popal wrote as per below: "I...

In an email to shareholders Carl Popal wrote as per below:

"I would, however, like to draw to your attention the following key points to ensure that you can make an informed decision in relation to the meeting scheduled for 9 December:
1 PNE expended shareholders’ money acquiring an option over tenements held by Mr Cable. Quite simply, PNE was unable to settle on the acquisition period because it did not have sufficient funds to do so, and also the option lapsed due to non payment of extension fee on or before 1st August 2011. After the option lapsed, Mr Peter Salter (a former director of PNE) on 18 September 2011 offered Mr Cable the sum of $10,000 for a further extension. Mr Cable declined this offer.
2 Mr Bennett appears to take issue with the appointment of additional directors in terms of costs. In this regard shareholders should be aware:
• Ray and myself have no intention of seeking anything by way of fees beyond standard non executive director fees, which according to the Annual Report is $32,700 per annum.
• The PNE Board (including Mr Bennett) have just appointed another new director so presumably the issue of director fees is not in any event a real concern for the PNE Board.
• What should be of concern to shareholders is the costs incurred in relation to directors in the financial year to 30 June 2011, including payments of $234,660 to Mr Bennett in executive consulting fees (including a total amount of overtime of $144,660 at a rate of $200 per hour)."