<p><strong>From:</strong> John Soden<br />
<strong>Sent:</strong> 11 August 2020 18:57<br />
<strong>To:</strong> &#39;James McCulloch&#39; &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />
<strong>Cc:</strong> <a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>; <a href="mailto:n.curtis123@btinternet.com">n.curtis123@btinternet.com</a>; Nicholas Stockdale &lt;<a href="mailto:nicholasstockdale@googlemail.com">nicholasstockdale@googlemail.com</a>&gt;; Stephen Phillips &lt;<a href="mailto:Stephen.Phillips@templebright.com">Stephen.Phillips@templebright.com</a>&gt;; <a href="mailto:alistair.higgins@gmail.com">alistair.higgins@gmail.com</a>; <a href="mailto:sjpmhh@gmail.com">sjpmhh@gmail.com</a>; Denis Shafranik &lt;<a href="mailto:denis@ermakgroup.com">denis@ermakgroup.com</a>&gt;; <a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>; &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;; Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />
<strong>Subject:</strong> RE: The Harcourt -URGENT</p>

<p>Dear James,</p>

<p>I am glad you have finally replied to our messages. The situation is critical across the pubs but you have not actively engaged with us since our meeting on 8 July despite requests for you to do so. As you have noted the letter is a draft but is being finalised and we have given you the opportunity to correct factual errors. You may still do so. You have had the draft for five days but it takes a few minutes to read &ndash; so what are your comments if you consider there are mistakes? The opinions are all ours and entirely our prerogative but we are highly confident that the other 250 or so shareholders will come to the same conclusion about the catastrophic loss of value that faces us and who is responsible.</p>

<p>As per my email earlier today we wish to avoid this. We are offering you a consensual way out which will be in the best interests of all stakeholders, particularly yourself. When are you prepared to meet to discuss the termination/settlement? We are happy to meet tomorrow, Thursday or Friday.</p>

<p>This cannot wait so we expect you to revert by close of business tomorrow with an agreement to meet failing which the notices requiring the resolutions will be issued for all pubs and the board will be under a legal obligation to call the general meetings.</p>

<p>&nbsp;</p>

<p>For the avoidance of doubt we are not expecting to meet to discuss your proposal now - we have made it clear that we are happy to consider that when it is ready - but we note that it has been promised previously by various dates, all of which have come and gone.</p>

<p>John</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />
<strong>Sent:</strong> 11 August 2020 17:28<br />
<strong>To:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />
<strong>Cc:</strong> <a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>; <a href="mailto:n.curtis123@btinternet.com">n.curtis123@btinternet.com</a>; Nicholas Stockdale &lt;<a href="mailto:nicholasstockdale@googlemail.com">nicholasstockdale@googlemail.com</a>&gt;; Stephen Phillips &lt;<a href="mailto:Stephen.Phillips@templebright.com">Stephen.Phillips@templebright.com</a>&gt;; <a href="mailto:alistair.higgins@gmail.com">alistair.higgins@gmail.com</a>; <a href="mailto:sjpmhh@gmail.com">sjpmhh@gmail.com</a>; Denis Shafranik &lt;<a href="mailto:denis@ermakgroup.com">denis@ermakgroup.com</a>&gt;; <a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>; &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;; Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />
<strong>Subject:</strong> RE: The Harcourt -URGENT</p>

<p>&nbsp;</p>

<p>Dear John,</p>

<p>&nbsp;</p>

<p>I will get back to you next week once I have fully considered the contents of your email but in the meantime would point out that there are several misleading and untrue statements in your email and document which are defamatory.</p>

<p>You have already communicated these statements to a third party which is completely unnecessary and I reserve my rights. You should ensure that any statements that you choose to make known to third parties are factually accurate in all respects.</p>

<p>In the meantime, I suggest that you await my response before taking any further steps.</p>

<p>&nbsp;</p>

<p>Regards,</p>

<p>James</p>

<p>&nbsp;</p>

<p><strong>From:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />
<strong>Sent:</strong> 06 August 2020 18:28<br />
<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />
<strong>Cc:</strong> <a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>; <a href="mailto:n.curtis123@btinternet.com">n.curtis123@btinternet.com</a>; Nicholas Stockdale &lt;<a href="mailto:nicholasstockdale@googlemail.com">nicholasstockdale@googlemail.com</a>&gt;; Stephen Phillips &lt;<a href="mailto:Stephen.Phillips@templebright.com">Stephen.Phillips@templebright.com</a>&gt;; <a href="mailto:alistair.higgins@gmail.com">alistair.higgins@gmail.com</a>; <a href="mailto:sjpmhh@gmail.com">sjpmhh@gmail.com</a>; Denis Shafranik &lt;<a href="mailto:denis@ermakgroup.com">denis@ermakgroup.com</a>&gt;; <a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>; &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;; <a href="mailto:shane.gallwey@guinnessfunds.com">shane.gallwey@guinnessfunds.com</a>; Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />
<strong>Subject:</strong> The Harcourt -URGENT</p>

<p>&nbsp;</p>

<p>Dear James,</p>

<p>Since you have gone to ground and are not engaging or making any attempt to resolve the management position we are not prepared to wait anymore and see continuing value destruction for which we hold you responsible.</p>

<p>&nbsp;</p>

<p>I attach a working draft of a letter to shareholders prepared by the Shareholder Action Group (SAG) to accompany the calling of a General Meeting. We are sending it to you so that you can review. If you think there are any factual inaccuracies please point them out.&nbsp; Before we launch this we are giving you and Henry an opportunity to resign from all the pubs, and negotiate the termination of the contracts and a removal of the claims against the pubs. &nbsp;Ideally this will be done consensually in a face to face meeting early next week; you had suggested you would have a proposal by then. &nbsp;But in the absence of a satisfactory response we will be sending notice to you next week to call the General Meeting and will also send this direct to shareholders at the same time.</p>

<p>&nbsp;</p>

<p>This is the first of six letters in total. We are preparing customised letters for the other pubs.</p>

<p>&nbsp;</p>

<p>This is copied to Rachel for her information and also to Shane Gallwey.</p>

<p>&nbsp;</p>

<p>John Soden</p>

<p>&nbsp;</p>

<p>&nbsp;</p>