<p>Comment:</p>

<p>It shows a small profit while it omitting the largest drivers of actual profit - &nbsp;of interest, management fees etc.&nbsp; By Dec 2018 they had a 547k loan to Metro bank and had cumulative net losses.</p>

<p>Any investor reading this would think their investment is at &lsquo;just over&rsquo; par&nbsp; -not a great return but not the disaster that it was.</p>

<p>&nbsp;</p>

<p><strong>From:</strong> Robert Cherry &lt;<a href="mailto:robert.cherry@ducalian.co.uk">robert.cherry@ducalian.co.uk</a>&gt;<br />
<strong>Date:</strong> 6 March 2019 at 08:42:05 GMT<br />
<strong>To:</strong> Robert Cherry &lt;<a href="mailto:robert.cherry@ducalian.co.uk">robert.cherry@ducalian.co.uk</a>&gt;<br />
<strong>Subject:</strong> <strong>The Three Cranes investor reporting</strong></p>

<p>﻿</p>

<p>Dear Shareholder,</p>

<p>Please find the attached letter and management accounts for Three Cranes Pub Ltd.</p>

<p>The pub reporting will now be in this format and sent out every 6 months. This should give you a better idea of the financials of the business rather than the KPI dashboards we have previously used.</p>

<p>&nbsp;</p>

<p>Best regards,</p>

<p>Rob</p>

<p>&nbsp;</p>

<p>Robert Cherry</p>

<p>Ducalian Capital</p>