<p>From: James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
Sent: 09 May 2019 12:30<br />
To: stephen waite<br />
Subject: Re: Ducalian Capital<br />
&nbsp;<br />
Hi Stephen,</p>

<p>Thanks for your email and I believe this is in the best interest of shareholders as management and shareholders are now completely aligned which wasnt the case previously.</p>

<p>HMRC keep asking questions which aren&#39;t particularly relevant such as proof of the sale from a third party so there is no connected party transaction. Naturally, these questions are easily answered they just add time on to the process.</p>

<p>Everything is with HMRC so fingers crossed they can issue the certificate shortly.</p>

<p>Regards,</p>

<p>James McCulloch<br />
Managing Director<br />
Harcourt Inns<br />
Tel: 07904910301<br />
Email: james@harcourtinns.co.uk<br />
Post: 32 Harcourt Street, London W1H 4HX<br />
&nbsp;</p>