For the 2011 FY, about 100 listed companies (5% of the universe) sustained first strikes on the rem report. PPN is one of those. I don't know how many companies will also sustain a second strike but, the way things are going, PPN will be one of them within three months.
The non-executive directors know what they have to do. The CEO takes an enormous amount out of the slim profits of this company and that should be foregone while his debt to the company remains unpaid. If the non-executive directors take no action to call in the CEO's debt or offset his salary package in lieu, then shareholders will have no option but to pursue a claim for oppressive conduct of affairs, which is an offence under s.232 of the Act.
The two-strikes rule is there for a purpose and PPN shareholders are fully determined to pursue their rights for a fair shake.
For the 2011 FY, about 100 listed companies (5% of the universe)...
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