A porphycene-derived compound with a 20 pi-electron skeleton has been obtained by replacing two pyrrolene units of porphycene by pyridine rings. NMR, electronic absorption and MCD spectra, and the lack of fluorescence are typical for 4N cyclic pi electron systems. The electronic structure and the differences with respect to porphycene can be rationalized by treating these compounds as perturbed, doubly positively charged [22]annulene and [20]annulene perimeters, respectively. Even though the spectroscopic and photophysical criteria proposed for antiaromatic systems are fulfilled, the molecule is very stable. We argue that the compound should be characterized as nonaromatic rather than antiaromatic. The perimeter model is recommended as a powerful tool for predicting the electronic structure and spectra and as a useful addition to other methods that probe the aromaticity.