man the life boats, page-4

For all those with shares in PNE (and others who don't have shares) I have reproduce below, some comments I received from someone who WAS at the meeting. I hope it sheds some light on what happend and why it happened.

The main reason Adam Bennet ended up with 33 million votes was that Carl Popal missed his wages and overtime in the letter sent. Shareholders can look at page 5 and 6 of the Annual Financial Report, which is $234,660. Furthermore
the support from all other directors holding massive founders shares being 39,000,000 issued for $390 as per page 21 (17)a.

The eleven (11) resolutions were divided in to two (2) day process stages 1 and 2. The resolutions concerning the ratification of the shares issue are to be dealt with on 11th of December 2011. This approach was to see the outcomes of resolutions to vote on the “re-election of the directors” to have an effect on the others resolutions.

Stage 1:
Most of the proxy forms submitted to Carl Popal were able to be executed, most were accepted as valid, however some were rejected by the current chairman for either not being signed in the appropriate box or named appropriately and
other similar issues. However, the numbers at hand were sufficient to overcome the challenges, and VOTE OUT ALL directors standing for election.

Currently the company has not got the minimum required three (3) directors in accordance to the company constitution. It is now at the discretion of
the chairman to appoint at his “willpower” any two (2) directors within a period of no more than 30 days as interim caretakers.

As shareholders we can raise our voice and ask for our nomination of caretaker directors to be considered until the 9th of December where the General Meeting Vote will determine the permanent nomination.

All shareholders are urged to Call or email the chairman to be ethical and appoint the new directors to be as per nominee in the general meeting.


Stage 2:
The chairman could appoint the directors in the stage two at the meeting on scheduled for 11th November. Resolutions 8, 9, and 10 were also to be voted on Friday 11th,
November 2011, subject to the company having three (3) directors, where currently there is one available.