Irregular activities by previous CEO28 Jan 2026 12:59
“The proceeds will be used to satisfy the Company's working capital needs, finance the legal costs generated by the ongoing complaints from an ever smaller minority of 'activist' shareholders, and to close out the audit underway along with paying for the publication of the outstanding Audited Company Accounts for 2024/25.
Furthermore, this funding will allow Chief Executive Officer, Mavriky Kalugin, to maintain his activities including an internal audit and review, of the, currently, impaired Texas Assets and the circumstances that led to the highly irregular share trading activity and price movements following Pennpetro USA, Globalvision and certain "Lithium" claims, per previous RNSs.
This activity was overseen by the CEO in office at the time of issuance of the misleading RNS, with clear visibility that the Company would imminently be suspended from trading on the exchange due to an impending failure to publish audited accounts on-time.
This being the third time under that same individual's stewardship that Pennpetro has been suspended for the same cause, it is inconceivable that the timing and the resultant position of the Company, in suspension, could possibly have been misunderstood”.
Just wow, so the bod are having to spend most of their time and money dealing with legal issues resulting from a disruptive activities from “minority of activist shareholders”.
I am so pleased they are also pursuing Evans for his actions that has led PPP into this mess in the first place.
Three suspensions in a row as a ceo needs to be investigated yet was issuing misleading RNS’s knowing this was going to happen.
I hope they throw the books at him