Although my HC posts have been saying for months that Robert Bottazzi won't be the 3rd director of PPN, Ben Butler from THE AGE has confirmed this in his article "Things atremble at Trimble joint" which you can read on the following link:
Apparently CEO and majority shareholder, John Trimble, is looking at bringing his girlfriend Nichole onto the board with a couple of BAR20 employees to make up the numbers. This is not acceptable to minority shareholders.
PPN need strong independent directors with real ability and integrity. Director John Callanan is one of the people with ability and integrity but his days on the board are numbered if Trimble can get Nichole and some employees on the board.
This whole PPN saga is heading towards the courtroom where a Judge may be asked to appoint an Administrator if charges of "Oppressive Conduct" can be proven. The Courts have held in other Oppressive Conduct cases that a number of minor seemingly insignificant instances, when taken as a whole, can establish Oppression.
I believe that the appointment of an Administrator would be a better alternative to having the PPN board stacked with puppets. An Administrator would demand immediate repayment of Trimble's debt or at least charge interest on the whole balance outstanding, not just on the original loan amount.
Those who monitor the Supreme Court Daily Lists will be aware that Trimble's companies are involved in litigation with the cases adjourned for directions hearings in November 2013. PPN shareholders attend most of the court hearings.
At one of the hearings a few months ago, a barrister asked for an adjournment on the grounds that Trimble was seriously ill and didn't have any money as everything he owns is mortgaged. This answers the question asked at the AGM earlier this year where shareholders were given an evasive answer regarding Trimble's ability to repay his ever increasing debt.
So who is running PPN with the CEO apparently close to falling off the tree?
What security can Trimble give PPN for the $3 million approx he owes the company?
PPN Price at posting:
20.0¢ Sentiment: None Disclosure: Held
