Corporate action

It seems the heat has been turned up on the PAA BOD.

I have been made aware that a letter has been sent to the BOD by a SH with a substantial holding putting them on notice over recent events.

As I understand it, the letter seeks a more fulsome explanation from the BOD in relation to its handling of the recent (current/ongoing!) situation and proposes a corporate restructure that includes the replacement of several of the current directors. It is also proposed to reappoint Dr Michael Thurn to a lead role in order to regain lost momentum, ensure the continued execution of the strategic plan he has established and to confidently take MPL forward through the next pivotal round of trialling, regulatory approvals and on to a commercial outcome.

I feel sure that there will be more known about this sooner rather than later, but it certainly sounds like we are approaching a transformational juncture in the life of PAA.

From where I sit – and I’ve been quiet on this until now – it’s difficult to put into words how poorly the situation has been handled by the company. While I don’t possess sufficient information about what precipitated MT’s departure, what I have seen from the company since the announcement of his resignation tells me that the old PAA playbook has been dusted off, which is nothing short of alarming.

I’ve read many comments on HC from a broad range of SH over the past week and half that tell me people are unhappy.

It will be interesting to see what the response is – from SH and the BOD – to this latest development.

Cheers

Densy