Apng saga

[fugitive]

:cool:I see that TCAS has finally been checked to the line after a couple of years and is now carrying out a few checks,about time.

[geeup]

When does the first ATR arrive? :ooh:

How are the conditions at APNG these days?

[Tubular Bells]

TCAS checked to line, oh this should be good,hee hee.

[Justa Dash]

News been scarce on APNG front since CJ been away. Did hear with the new ownership model ATR was full steam ahead and DPoo was heading up the ATR implementation. Has anyone heard whether the change of board composition (chair no longer faux accountant)has improved the business?

[tail wheel]

You want a private conversation in code or text speak, do it via PM! :=

[Soteria]

POMSOX ANNOUNCEMENT - FOR IMMEDIATE RELEASE TO THE MARKET

PORT MORESBY - 5:00PM MONDAY 15 DECEMBER 2014

RESIGNATION OF SIMON WILD AS A DIRECTOR AND AS CHAIRMAN OF THE BOARD OF DIRECTORS

APPOINTMENT OF MURRAY WOO AS CHAIRMAN OF THE BOARD OF DIRECTORS

Airlines PNG advises that Mr Simon Wild resigned as a Director and as the Chairman of Airlines PNG’s Board of Directors with effect from 9 December 2014.

Mr Wild has served as the Chairman of the Company’s Board since 13 June 2008 having first been appointed as a Director on 22 September 2000. Mr Wild has been the Board Chairman throughout the period of the Company’s existence as an entity listed of the Port Moresby Stock Exchange.

Mr Wild’s resignation comes with the Company’s shareholders to shortly consider a series of resolutions that will have the effect of reducing the Wild family’s shareholding in the Company, founded by Mr Wild’s late father Sir John Wild, from (all figures rounded) its current 61% down to 5%, while seeing current significant shareholders the National Superannuation Fund and the MRDC group companies increase their holdings to a total of 81%, thus becoming the new majority shareholders in the Company.

The Board wishes to once more acknowledge the selfless gesture of the late Sir John Wild in agreeing to the buy-back by the Company of the majority of his holding in the Company, essentially as a gift.

The Board also wishes to thank Mr Wild for his tremendous contribution to the Company both before its listing and since. Mr Wild’s experience and knowledge of the aviation industry in general and of the industry in PNG in particular, and his knowledge and “corporate memory” of the Company and its operations have been invaluable to the Company. The Board is pleased to see that the Wild family will continue to have an involvement in the Company through its ongoing shareholding.

After accepting Mr Wild’s retirement, the Company’s Board appointed Mr Murray Woo as the new Chairman of the Company’s Board of Directors.

Mr Woo has extensive business, board and board chairmanship experience in Papua New Guinea, and has been a Director of the Company since August 2012.

Mr Woo is the Managing Director of Woo Textile Corporation Limited. He is the Chairman of the Manufacturers’ Council of Papua New Guinea, having been a founding Director of that body. Mr Woo holds positions on various other boards, including (amongst other directorships) those of the National Superannuation Fund, the NASFUND Contributors Saving & Loans Society and the Business Council of Papua New Guinea.

News (http://www.apng.com/News.aspx)

[geeup]

Being on the Board of NASFUND etc is conflict of interest?

[Soteria]

A lot of activity still taking place at APNG. Apart from the announcement of a financial restructure, new aircraft type and the accident report released for the Madang crash, you have 3 Directors who have resigned in 8 months!

POMSOX ANNOUNCEMENT - 18 DECEMBER 2014 - RESIGNATION OF MICHAEL KOISEN AS A DIRECTOR
Airlines PNG advises that Mr Michael Koisen resigned as a Director by letter dated 16 December 2014. That resignation was accepted by the Board on 18 December 2014, and takes effect from 16 December 2014.
Mr Koisen was first been appointed as a Director on 28 July 2008. He has also served as Chairman of the Board Audit Risk and Compliance Committee.
The Board also wishes to thank Mr Koisen for his long and valuable service to the Company.

And,

POMSOX ANNOUNCEMENT - 23 DECEMBER 2014 - BUY-BACK AND CANCELLATION OF SHARES ISSUE OF SHARES AND OPTIONS – APPENDIX 3B
Airlines of Papua New Guinea Limited advises that:.
1. the buy-back of 120,000,000 shares in the Company from the Estate of the late Sir John Wild which was authorised under Resolution 1 made at the Special Meeting of Shareholders held on 18 December 2014 (the “Special Meeting”) has now been completed and those shares have been cancelled; and
2. the issues of shares and options to National Superannuation Fund, Mineral Resources Development Company Limited, Mineral Resources Ok Tedi No 2 Limited and Mineral Resources Star Mountains Limited as authorised under Resolution 2 made at the Special Meeting has also been completed, as set out in the attached Appendix 3B.