<p>stephen waite<br />
Wed 29/05/2019 14:15</p>

<p></p>

<p></p>

<p></p>

<p><br />
To: James McCulloch</p>

<p>Hi James hope the management buy-out is settling down now. I thought I would send you a note as I am registered with Downing Crowd and have invested regularly with them . I notice that a new 2 year fixed rate bond has just come out to finance the bedroom works at Maida Vale and secured on the asset of the pub at a LTV of 37 % .&nbsp;<br />
I don&#39;t recall as a shareholder having any communication on this? although clearly this is not a shareholder issue, but &nbsp;my main question is was this planned or is our cashflow predictions awry? due to trading underperformance .</p>

<p>All the best&nbsp;<br />
Steve Waite&nbsp;<br />
From: James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
Sent: 22 May 2019 12:10<br />
To: James McCulloch<br />
Subject: Maida Vale Leisure Limited<br />
&nbsp;<br />
Dear Shareholder,</p>

<p>In April 2019 the management team of Harcourt Inns completed the management buy out of Harcourt Inns and all the management A shares in the pub portfolio.</p>

<p>This will now mean that the management team is well positioned to maximise shareholder value as both management and shareholders are fully aligned.&nbsp;</p>

<p>As managing director of the group one of my key areas of focus is building the infrastructure to ensure the group as whole and The Hero of Maida specifically maximise value through combining quality, value and operational excellence.</p>

<p>The group wide financial year now runs from 1st April to 31st March and so financial reporting will link in with these dates and include bi-annual management information with an accompanying report. All shareholders will be included in our quarterly newsletter.<br />
I am acutely aware that shareholders are waiting for their EIS certificates to be distributed by HMRC. Unfortunately HMRC has been incredibly slow in responding and when responses have been received some of the questions have been somewhat irrelevant. In any case, all questions were answered and so I hope to receive full clearance shortly.<br />
Once I hear back from HMRC we will be able to provide shareholders with an update. I look forward to your continuing support in delivering success at the Hero of Maida.<br />
Regards,<br />
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;<br />
cid:image001.png@01D50A76.277538B0<br />
&nbsp;</p>