In response to questions from shareholders at the 2012 AGM, it became apparent that directors had blindly approved several extensions to the Metropolis City Promotions Pty Ltd [MCP] debt without any of them ever having read the 'Loan Facility Agreement' [LFA] signed by Trimble on 13 June 2003.
In theory, Trimble wasn't in the room when the loan extensions were discussed, so why would directors extend a loan they knew nothing about. I can only assume that their answer would be "Ve vere only following orders"
Trimble signed the LFA on behalf of MCP and the Guarantors, his one director / single shareholder companies, Cameron Lane Pty Ltd, Daily Planet Australia Pty Ltd, Cameron Lane Pty Ltd, Clover Dale Pty Ltd & MCP Investments Pty Ltd.
When questioned further at the GM as to why the directors had not read several important documents, including the LFA , PPN's financial adviser, Mr Whitelegg, interjected "They never asked for them". This isn't good enough.
* Why did the directors grant loan extensions to MCP?
* Why did 2 directors sign away security on the Trimble owned building next door to the Daily Planet brothel?
* What were the real reasons for Nick Pitliangas' resignation from the board the morning of the last General Meeting in 2013?
Why has Trimble failed to provide director John Callanan with the financial information promised at the last General Meeting in 2013?
These and many other questions will remain unanswered until past and present PPN directors are held accountable by ASIC for actions that could be considered by a Court as 'oppressive conduct'.
Perhaps ASIC itself needs to explain to the Commonwealth Ombudsman, or another Senate enquiry, why they have failed to enforce the provisions of the Corporations Act 2001 in regard to PPN.
Stay tuned for further developments following today's appointment of Trimble's son, Michael, a former racing car driver, to the PPN board.
As the Irish philosopher & optimist, Murphy, once said "No matter how bad things get with PPN, they can always get worse."
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
