	(2113, 'Tom.May@catleylakeman.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (Tom.May@catleylakeman.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Thomas May : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:57', NULL, NULL, NULL),
	(2114, 'jamie@mantle.co.uk', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (jamie@mantle.co.uk); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Jamie Baker : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:40', 'parkhouse87@btinternet.com', NULL, NULL),
	(2115, 'adrian.loader@orzala.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (adrian.loader@orzala.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Adrian Loader : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:31', NULL, NULL, NULL),
	(2116, 'bart.huby@btinternet.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (bart.huby@btinternet.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Bartholomew Huby : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:34', NULL, NULL, NULL),
	(2117, 'diegoxfortunati@gmail.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (diegoxfortunati@gmail.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Diego Fortunati : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:37', NULL, NULL, NULL),
	(2118, 'laurence@enwised.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (laurence@enwised.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Laurence Ede : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:43', 'tony.kenny@cliftondowncf.com', NULL, NULL),
	(2119, 'routledge913@btinternet.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (routledge913@btinternet.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Peter Routledge : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:52', NULL, NULL, NULL),
	(2120, 'phisha100@aol.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (phisha100@aol.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Philippa Fisher : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:49', NULL, NULL, NULL),
	(2121, 'shane.gallwey@guinnessfunds.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (shane.gallwey@guinnessfunds.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Guinness Asset Management Limited : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:53', 'n.curtis123@btinternet.com', NULL, NULL),
	(2122, 'rogernjames@icloud.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (rogernjames@icloud.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Roger James : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:52', NULL, NULL, NULL),
	(2123, 'tinkoo.malhi@gmail.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <p>Dear shareholder,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We are pleased to say that the new directors were appointed yesterday and James McCulloch and Henry Harris have resigned as directors in the face of overwhelming support for the resolution. Therefore the EGM has been cancelled.</p>\r\n\r\n<p>The new directors will be in touch with you regarding next steps in the next two days.</p>\r\n\r\n<p>Thank you for your support.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The Shareholder Action Group</p>\n    <h3>Website: Your login and password details</h3>\n    <p>The URL for the website is <a href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n        <br>\n\n                    Your login is your email (tinkoo.malhi@gmail.com); the password is "londonpubinvestor_184" (unless you changed yourself)\n        \n        <br>\n    </p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'London pubs  - Tinkoo Malhi : URGENT NOTIFICATION - PUB EGM 30 SEPTEMBER CANCELLED', '2020-09-29 11:06:17', '2020-09-29 11:06:57', NULL, NULL, NULL),
	(2771, 'nurse_stephen@hotmail.com', '<!DOCTYPE html>\n<html>\n<head>\n    <meta charset="utf-8"> <!-- utf-8 works for most cases -->\n    <meta name="viewport" content="width=device-width"> <!-- Forcing initial-scale shouldn\'t be necessary -->\n    <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- Use the latest (edge) version of IE rendering engine -->\n    <meta name="x-apple-disable-message-reformatting">  <!-- Disable auto-scale in iOS 10 Mail entirely -->\n    <meta name="format-detection" content="telephone=no,address=no,email=no,date=no,url=no">\n    <!-- Tell iOS not to automatically link certain text strings. -->\n    <meta name="color-scheme" content="light">\n    <meta name="supported-color-schemes" content="light">\n\n    <title>111 </title>\n            <style>\n\n            /* What it does: Tells the email client that only light styles are provided but the client can transform them to dark. A duplicate of meta color-scheme meta tag above. */\n            :root {\n                color-scheme: light;\n                supported-color-schemes: light;\n            }\n\n            /* What it does: Remove spaces around the email design added by some email clients. */\n            /* Beware: It can remove the padding / margin and add a background color to the compose a reply window. */\n            html,\n            body {\n                margin: 0 auto !important;\n                padding: 0 !important;\n                height: 100% !important;\n                width: 100% !important;\n            }\n\n            /* What it does: Stops email clients resizing small text. */\n            * {\n                -ms-text-size-adjust: 100%;\n                -webkit-text-size-adjust: 100%;\n            }\n\n            /* What it does: Centers email on Android 4.4 */\n            div[style*="margin: 16px 0"] {\n                margin: 0 !important;\n            }\n\n            /* What it does: forces Samsung Android mail clients to use the entire viewport */\n            #MessageViewBody, #MessageWebViewDiv {\n                width: 100% !important;\n            }\n\n            /* What it does: Stops Outlook from adding extra spacing to tables. */\n            table,\n            td {\n                mso-table-lspace: 0pt !important;\n                mso-table-rspace: 0pt !important;\n            }\n\n            /* What it does: Replaces default bold style. */\n            th {\n                font-weight: normal;\n            }\n\n            /* What it does: Fixes webkit padding issue. */\n            table {\n                border-spacing: 0 !important;\n                border-collapse: collapse !important;\n                table-layout: fixed !important;\n                margin: 0 auto !important;\n            }\n\n            /* What it does: Prevents Windows 10 Mail from underlining links despite inline CSS. Styles for underlined links should be inline. */\n            a {\n                text-decoration: none;\n            }\n\n            /* What it does: Uses a better rendering method when resizing images in IE. */\n            img {\n                -ms-interpolation-mode: bicubic;\n            }\n\n            /* What it does: A work-around for email clients meddling in triggered links. */\n            a[x-apple-data-detectors], /* iOS */\n            .unstyle-auto-detected-links a,\n            .aBn {\n                border-bottom: 0 !important;\n                cursor: default !important;\n                color: inherit !important;\n                text-decoration: none !important;\n                font-size: inherit !important;\n                font-family: inherit !important;\n                font-weight: inherit !important;\n                line-height: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from changing the text color in conversation threads. */\n            .im {\n                color: inherit !important;\n            }\n\n            /* What it does: Prevents Gmail from displaying a download button on large, non-linked images. */\n            .a6S {\n                display: none !important;\n                opacity: 0.01 !important;\n            }\n\n            /* If the above doesn\'t work, add a .g-img class to any image in question. */\n            img.g-img + div {\n                display: none !important;\n            }\n\n            /* What it does: Removes right gutter in Gmail iOS app: https://github.com/TedGoas/Cerberus/issues/89  */\n            /* Create one of these media queries for each additional viewport size you\'d like to fix */\n\n            /* iPhone 4, 4S, 5, 5S, 5C, and 5SE */\n            @media only screen and (min-device-width: 320px) and (max-device-width: 374px) {\n                u ~ div .email-container {\n                    min-width: 320px !important;\n                }\n            }\n\n            /* iPhone 6, 6S, 7, 8, and X */\n            @media only screen and (min-device-width: 375px) and (max-device-width: 413px) {\n                u ~ div .email-container {\n                    min-width: 375px !important;\n                }\n            }\n\n            /* iPhone 6+, 7+, and 8+ */\n            @media only screen and (min-device-width: 414px) {\n                u ~ div .email-container {\n                    min-width: 414px !important;\n                }\n            }\n\n        </style>\n        <!-- CSS Reset : END -->\n\n        <!-- Progressive Enhancements : BEGIN -->\n        <style>\n\n            /* What it does: Hover styles for buttons */\n            .button-td,\n            .button-a {\n                transition: all 100ms ease-in;\n            }\n\n            .button-td-primary:hover,\n            .button-a-primary:hover {\n                background: #555555 !important;\n                border-color: #555555 !important;\n            }\n\n            /* Media Queries */\n            @media screen and (max-width: 600px) {\n\n                .email-container {\n                    width: 100% !important;\n                    margin: auto !important;\n                }\n\n                /* What it does: Forces table cells into full-width rows. */\n                .stack-column,\n                .stack-column-center {\n                    display: block !important;\n                    width: 100% !important;\n                    max-width: 100% !important;\n                    direction: ltr !important;\n                }\n\n                /* And center justify these ones. */\n                .stack-column-center {\n                    text-align: center !important;\n                }\n\n                /* What it does: Generic utility class for centering. Useful for images, buttons, and nested tables. */\n                .center-on-narrow {\n                    text-align: center !important;\n                    display: block !important;\n                    margin-left: auto !important;\n                    margin-right: auto !important;\n                    float: none !important;\n                }\n\n                table.center-on-narrow {\n                    display: inline-block !important;\n                }\n\n                /* What it does: Adjust typography on small screens to improve readability */\n                .email-container p {\n                    font-size: 17px !important;\n                }\n            }\n\n        </style>\n    </head>\n<body width="100%" style="margin: 0; padding: 0 !important; mso-line-height-rule: exactly; background-color: #dadada;">\n\n<center role="article" aria-roledescription="email" lang="en" style="width: 100%; background-color: #ffffff;">\n\n    <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%"\n           style="background-color: #fff;">\n\n    <!-- Preview Text Spacing Hack : BEGIN -->\n    <div style="display: none; font-size: 1px; line-height: 1px; max-height: 0px; max-width: 0px; opacity: 0; overflow: hidden; mso-hide: all; font-family: sans-serif;">\n        &zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;&zwnj;&nbsp;\n    </div>\n    <!-- Preview Text Spacing Hack : END -->\n\n    <!-- Email Body : BEGIN -->\n    <table align="center" role="presentation" cellspacing="0" cellpadding="0" border="0" width="600"\n           style="margin: auto;" class="email-container">\n        <!-- Email Header : BEGIN -->\n        <tr>\n            <td style="padding: 20px 0;">\n                <br><br>\n<h3>Investor Website</h3>\n<p>The URL for the website is <a TARGET="_blank" href="https://london-pubs.atts-systems.com">https://london-pubs.atts-systems.com</a>\n    <br>\n    Your login is your email (nurse_stephen@hotmail.com).\n    <br>\n    Please reply to this email if you need a password reset.\n    <br>\n</p>\n             </td>\n        </tr>\n    </table>\n</center>\n\n\n    <!-- Optional JavaScript -->\n</body>\n</html>\n', NULL, 'Harcourt - Stephen Nurse (IT ) : 111', '2021-01-23 13:43:06', '2021-03-07 18:33:37', NULL, NULL, 7);

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) ENGINE=InnoDB DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_unicode_ci;

-- Dumping data for table harcourt.pnl: ~0 rows (approximately)

-- Dumping structure for table harcourt.pub
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  CONSTRAINT `FK_5A443C857234764D` FOREIGN KEY (`director1_id`) REFERENCES `user` (`id`),
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	(7, 'Harcourt', 'harcourt', '32 Harcourt Street', 'Marylebone', 'London', 'W1H 4HX', '2016-03-01 00:00:00', 'https://theharcourt.com/', 1, 'https://beta.companieshouse.gov.uk/company/09320540', 292, 331, 0.31, '2016-03-01 00:00:00', 0.16, 0.09, 'https://london-pubs.atts-systems.com/dashboard/financial/97', 0.2, 100000, 290, 290, '20-12-34', '234456779', 'HarcourtSPV', 'https://london-pubs.atts-systems.com/dashboard/financial/97', 1, '12345', 'HARCOURT PUB LIMITED'),
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	(9, 'The Coach', 'coach', '26-28 Ray Street', 'Clerkenwell', 'London', 'EC1R 3DJ', '2018-01-01 00:00:00', 'https://thecoachclerkenwell.co.uk/', 1, 'https://beta.companieshouse.gov.uk/company/09907475', 297, 292, 0.34, '2018-01-01 00:00:00', 0.12, 0.08, 'https://london-pubs.atts-systems.com/dashboard/financial/97', 2.3, NULL, NULL, NULL, NULL, NULL, NULL, NULL, 1, '444', 'FARRINGDON PUB LTD'),
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	(11, 'The Crown', 'crown', '210 Chiswick High Rd', 'Chiswick', 'London', 'W4 1PD', '2019-01-01 00:00:00', 'https://thecrownchiswick.co.uk/', 0, 'https://beta.companieshouse.gov.uk/company/10735544', 330, 290, 0.13, '2019-01-01 00:00:00', 0.45, 0.11, 'https://london-pubs.atts-systems.com/dashboard/financial/97', 2.4, NULL, NULL, NULL, NULL, NULL, NULL, NULL, 1, '333', 'SOUTH WEST LEISURE LIMITED'),
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-- Dumping structure for table harcourt.question
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-- Dumping data for table harcourt.question: ~2 rows (approximately)
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	(2, 7, 'In the financials, the management fees seem to bounce around every month, and range from 1.5k to 25k per month.   How can they be so variable? \r\n\r\n\r\nI thought the fees were of the order of 2% of equity invested per annum, so should be approx  440k over the 5 yrs, yet they seem to add to £752k.  Can you explain the additional £300k?', 'Stephen Nurse', NULL, '2020-07-15 18:46:32'),
	(6, 11, 'Loans\r\n\r\nI have tried to match the loan interest amounts to the loan notional schedules and cannot get them to macth.\r\n\r\nYou have the Lendvest loan notional as £1.596m, and interest at 0.09% per month (=1.08% nominal), yet I cannot get the loan interest amount to agree to within any reasonable level accuracy. At 1.08% nominal, the interest should be approx  Please advise.  Is the loan start date May 2018?\r\n\r\nCan you advise the loan start date for BBLS and Harcourt Investments?\r\n\r\nWhy did the loan interest amounts suddenly increase from 3.3k pcm to 14.3k from March 2020?', 'Stephen Nurse', NULL, '2020-07-20 00:31:41');

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-- Dumping structure for table harcourt.secondary_market
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  `user_id` int(11) NOT NULL,
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	(8, 10, 274, 0, NULL);

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  `created_at` datetime NOT NULL,
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-- Dumping structure for table harcourt.subject
CREATE TABLE IF NOT EXISTS `subject` (
  `id` int(11) NOT NULL AUTO_INCREMENT,
  `author_id` int(11) NOT NULL,
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  `slug` varchar(255) COLLATE utf8mb4_unicode_ci NOT NULL,
  `created_at` datetime NOT NULL,
  `updated_at` datetime DEFAULT NULL,
  `content` longtext COLLATE utf8mb4_unicode_ci,
  `category` varchar(255) COLLATE utf8mb4_unicode_ci NOT NULL,
  `headline` varchar(255) COLLATE utf8mb4_unicode_ci DEFAULT NULL,
  `is_viewable_for_alternative_manager` tinyint(1) NOT NULL,
  `subject_date` datetime DEFAULT NULL,
  PRIMARY KEY (`id`),
  KEY `IDX_FBCE3E7AF675F31B` (`author_id`),
  CONSTRAINT `FK_FBCE3E7AF675F31B` FOREIGN KEY (`author_id`) REFERENCES `user` (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=107 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_unicode_ci;

-- Dumping data for table harcourt.subject: ~78 rows (approximately)
INSERT INTO `subject` (`id`, `author_id`, `subject`, `slug`, `created_at`, `updated_at`, `content`, `category`, `headline`, `is_viewable_for_alternative_manager`, `subject_date`) VALUES
	(9, 274, 'Call with James McCulloch, Rachel Rossiter, Steve Nurse, John Soden: - Agenda, Summary, Recording & Next steps', 'Call-with-James-McCulloch-Rachel-Rossiter-Steve-Nurse-John-Soden-Agenda-Summary-Recording-Next-steps', '2020-06-11 07:59:39', NULL, '<p><strong>Preparation</strong>: Start constructively, and avoid making JM defensive, and to get him to volunteer as much information as possible. I was also going to record the call.</p>\r\n\r\n<ul>\r\n	<li>What is JM currently working on with respect to Harcourt pubs (the 6 pubs in the chain)?</li>\r\n	<li>What are the plans for re-opening?</li>\r\n	<li>Has he fired any staff or still furloughed?\r\n	<ul>\r\n		<li>Are all staff on furlough or any active?&nbsp;</li>\r\n		<li>If staff active, what are they doing?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Backward-looking data\r\n	<ul>\r\n		<li>What is the update regarding EIS applications?</li>\r\n		<li>When can we expect to receive all the historic financials (PnL, balance sheet), material contracts for each of the pubs?</li>\r\n		<li>How has he been distributing them in the past? Who has received and when were they sent?</li>\r\n		<li>Is he aware that he is under a contractual obligation to provide financials every 6 months?\r\n		<ul>\r\n			<li>What is the reason(s) for failing to provide this data? Future plans</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>In light of the current circumstances and performance pre CV-19, as well as the impact of CV-19 going forward - would JM offer to unilaterally renegotiate the management contract to reduce fees and make a larger percentage performance related?</li>\r\n	<li>Why does he think opening up the pubs makes financial sense - given the projections provided.\r\n	<ul>\r\n		<li>Shareholders will make this decision.</li>\r\n	</ul>\r\n	</li>\r\n	<li>Exit plans\r\n	<ul>\r\n		<li>What is the rationale for appointing 2 additional directors - who is paying for them and what is their relationship?</li>\r\n		<li>What is the update on the exit proposals? When will they be finalised and can he give some indication as to the content now?</li>\r\n		<li>Shareholders will certainly require there to be a competitive auction - one bidder is economically unpalatable - what is the timing to advise other bidders of the process?</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Summary of the call</strong></p>\r\n\r\n<ul>\r\n	<li>Are all staff furloughed?\r\n	<ul>\r\n		<li>Ans: Yes, all staff are furloughed &quot;from head office down&quot;\r\n		<ul>\r\n			<li>Beginning to take some staff off furlough, who are planning for reopening</li>\r\n			<li>FD has not been furloughed as she is not an employee\r\n			<ul>\r\n				<li>She is dealing with suppliers, banks etc.&nbsp;&nbsp;</li>\r\n			</ul>\r\n			</li>\r\n		</ul>\r\n		</li>\r\n		<li>All contracts the PR agencies, consultants and all other costs are all switched off, with exception of property insurance</li>\r\n	</ul>\r\n	</li>\r\n	<li>Pur re-opening plans.\r\n	<ul>\r\n		<li>When are pubs reopening?\r\n		<ul>\r\n			<li>Discussion of 2-metre vs 1-metre and discussions of layout of the pub</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you think the pubs only take 50% of takings, do they make any money?&nbsp;&nbsp;\r\n	<ul>\r\n		<li>Answer: No, none of them.</li>\r\n	</ul>\r\n	</li>\r\n	<li>Are the pubs making money now, pre CV-19\r\n	<ul>\r\n		<li>Initial answer:\r\n		<ul>\r\n			<li>Yes: Three Cranes, Coach, Hero</li>\r\n			<li>No: Harcourt, KPH, Crown</li>\r\n		</ul>\r\n		</li>\r\n		<li>Clarified that the definition of profitable applies after management fees</li>\r\n		<li>Revised answer: After management fees, the following were making money: Coach, Three Cranes</li>\r\n		<li>Note: we should make sure James understands that the investors see the management fee as no different from other fees/wages.&nbsp; It is misleading and disingenuous to treat them otherwise - this is deception</li>\r\n	</ul>\r\n	</li>\r\n	<li>Should the management fees be paid when the pubs are not open?&nbsp;\r\n	<ul>\r\n		<li>James did not answer if management fees still being paid (I can see fees are still accruing)&nbsp;&nbsp; (10mins in)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If the decision is not to open in 2020, what implications for each pub?\r\n	<ul>\r\n		<li>Not answered in detail</li>\r\n	</ul>\r\n	</li>\r\n	<li>What are the costs to make people redundant?\r\n	<ul>\r\n		<li>Answer: &quot;We are trying to work out the figures now&quot;.&nbsp;&nbsp;</li>\r\n		<li>He is worried about destroying goodwill and he is worried about rehiring staff</li>\r\n		<li>Worried about goodwill from the customers.\r\n		<ul>\r\n			<li>James is working on ideas around re-opening - 4d weeks, cutting salaries, central kitchens</li>\r\n			<li>JS and SN: We should not reopen if the pubs will not be profitable</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>What about closing the eating area and make it drink only- use the space</li>\r\n	<li>James suggesting moving staff between Coach and Hero etc\r\n	<ul>\r\n		<li>John mentioned the need to worry about the EIS risk of having staff work across pubs (15mins).</li>\r\n		<li>James responses was &quot;Pub groups do it&quot;\r\n		<ul>\r\n			<li>SN corrected James that these are independent pubs.</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>EIS status? (18mins)\r\n	<ul>\r\n		<li>Pubs without EIS certificate:&nbsp; KPH, Hero, Crown.</li>\r\n		<li>Recapped on trading starts (updated-&gt; https://london-pubs.atts-systems.com/dashboard/pub/&nbsp; )</li>\r\n		<li>Last correspondence with the HMRC was at the end of March</li>\r\n		<li>SN asked James to forward all correspondence on the EIS&nbsp; *****\r\n		<ul>\r\n			<li>&nbsp; James said &quot;Yes&quot; (20mins into call)</li>\r\n		</ul>\r\n		</li>\r\n		<li>Advisors - what do the advisors think the status is\r\n		<ul>\r\n			<li>James thinks we should get the certification.</li>\r\n			<li>JS asked JM to chase HMRC ****</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Reopening.&nbsp; Looking at apps for taking orders &amp; Deliveroo</li>\r\n	<li>JS proposition\r\n	<ul>\r\n		<li>Assume 1 metre, what assumptions that means for revenue, furlough impact and derive if we can make money?</li>\r\n		<li>The fact that the pubs didn&#39;t make money pre CV19 then how can we justify reopening now?\r\n		<ul>\r\n			<li>James is working on that.&nbsp; Opening hours, distancing etc</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>SN suggested changing the management contract to align\r\n	<ul>\r\n		<li>&quot;Barely taking any management fees as is&quot; - Definitely mis-messaging what &quot;profitable&quot; means</li>\r\n		<li>&quot;No incentive other than my management fee in the current structure&quot;\r\n		<ul>\r\n			<li>Need James to understand if the pubs are not profitable we need to close asap.</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Provision of financials, documents\r\n	<ul>\r\n		<li>SN asked for all the financials right away</li>\r\n	</ul>\r\n	</li>\r\n	<li>Why haven&#39;t investors been receiving management accounts\r\n	<ul>\r\n		<li>James claimed every investor has received investor material throughout their investment</li>\r\n		<li>SN reminded JM of his obligations send them six monthly</li>\r\n		<li>JM claimed he last sent financials in November\r\n		<ul>\r\n			<li>note:&nbsp; I received financials on 21 Oct, but only for 3 pubs (out of 4 I am invested in)</li>\r\n		</ul>\r\n		</li>\r\n		<li>JM claims that before November this year, the responsibility was with Rob Cherry\r\n		<ul>\r\n			<li>We should question this - contract presumably doesn&#39;t specify the sender.&nbsp;&nbsp;</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Loan\r\n	<ul>\r\n		<li>Harcourt 3k pcm. RBS loan. Interest is 3k pcm.&nbsp; Loan is for &pound;500k. 7.2% interest.</li>\r\n		<li>All the loans and interest rate costs will be broken down for you.&nbsp; [Not sent]</li>\r\n	</ul>\r\n	</li>\r\n	<li>Will the pubs run out of cash?\r\n	<ul>\r\n		<li>Hero - short term issue. Other pub</li>\r\n	</ul>\r\n	</li>\r\n	<li>Harcourt - Status of the contract with &lt;Andrew Embe?&gt;\r\n	<ul>\r\n		<li>James has been trying to get contract terminated, but demanding money to terminate</li>\r\n		<li>No point in paying him to terminate the contract if exit pending</li>\r\n		<li>Restructure - counsel opinion was &#39;no&#39;.&nbsp; Until it is sold or restructured, it is.... ?? ... he may agree to terminate but accrued fees to be paid (70k)</li>\r\n		<li>James said he was going to provide these details on Wednesday **** .</li>\r\n	</ul>\r\n	</li>\r\n	<li>Exit plan - General plan, who was it with?\r\n	<ul>\r\n		<li>Original plan -Sale and lease back - Cubitt as a tenant.&nbsp;\r\n		<ul>\r\n			<li>However, market destroyed.&nbsp; Open market rents are very difficult</li>\r\n		</ul>\r\n		</li>\r\n		<li>Current plan - reorganising pub with a &quot;chunky payout&quot; and an equity stake in a wider group.&nbsp; Normal operating company.</li>\r\n		<li>Admits that the non-operating costs aren&#39;t sustainable de.\r\n		<ul>\r\n			<li>James will have something to discuss in early July. 4 July&nbsp; (across all pubs)</li>\r\n		</ul>\r\n		</li>\r\n		<li>Price tension and other bidders - opinion?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Harcourt redevelopment plans\r\n	<ul>\r\n		<li>Couple of options\r\n		<ul>\r\n			<li>Lump-sum &#39;partial exit&#39;\r\n			<ul>\r\n				<li>Capital required to develop upper floors, with equity based performance on redeveloped assets</li>\r\n			</ul>\r\n			</li>\r\n			<li>Or simple exit sale.</li>\r\n			<li>Planning permission - positive pre-app,&nbsp; but no detailed planning consent at this stage</li>\r\n			<li>Timing etc on planning permission</li>\r\n			<li>&pound;1m to redevelop</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Exit plans on all pubs\r\n	<ul>\r\n		<li>Savills will be providing a valuation across all pubs; will be part of the proposal</li>\r\n		<li>Exit proposal due</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Agreed next steps</strong></p>\r\n\r\n<ul>\r\n	<li>Was due to reconvene on Friday 19th June to look at financials.&nbsp;</li>\r\n	<li>James to share reopening plan stages on 19th June -even if it was a work in progress doc.</li>\r\n</ul>\r\n\r\n<p>SN message - Investors want to be actively involved going forward</p>\r\n\r\n<p>Investors want to be involved in the EIS negotiations (Steve Partridge)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>My observations/thoughts when I replayed the call </strong></p>\r\n\r\n<p>1. Management fee:</p>\r\n\r\n<ul>\r\n	<li>James mentioned management fees are not being paid but are accruing.\r\n	<ul style="list-style-type:circle">\r\n		<li>Question: Are the management fees included in the PnL stats</li>\r\n	</ul>\r\n	</li>\r\n	<li>James mentioned all staff including head office are furloughed\r\n	<ul style="list-style-type:circle">\r\n		<li>If that is the case, why are the pubs still paying the fee?</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>2. Information requested, and promised in the 17th June pack, but missing</p>\r\n\r\n<ul>\r\n	<li>&nbsp;Details of all loans: Lender, amounts and interest rates.&nbsp;</li>\r\n	<li>All correspondence on EIS with HMRC and Guinness</li>\r\n	<li>Contract details for Harcourt contractor</li>\r\n	<li>Cashflow projections for each pub in the event of non-opening</li>\r\n</ul>\r\n\r\n<p>3. Historic information</p>\r\n\r\n<ul>\r\n	<li>James claims that Rob Cherry was responsible for sending out accounts prior to November 2019\r\n	<ul>\r\n		<li>Speaking with Rob, James did not provide him with the information to do so</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>My views:</p>\r\n\r\n<ul>\r\n	<li>We should reiterate to James\r\n	<ul>\r\n		<li>Accrued costs are equally relevant costs as those paid out in a given year,&nbsp;\r\n		<ul>\r\n			<li>As value is being capitalised, cashflow timing isn&#39;t relevant-&nbsp; it is the PV of all costs/fees etc</li>\r\n		</ul>\r\n		</li>\r\n		<li>Although we recognise the argument that buyouts <strong>may</strong> be based on EBITDA without non-operating expenses, until such time as this materialises, investors should not be mislead that pubs are profitable when they are not</li>\r\n		<li>Also, when describing value and returning par, the EIS discount should not be considered.&nbsp; This is not value added by Harcourt</li>\r\n		<li>The primary consideration JM should have in all decisions is to maximise shareholder value.\r\n		<ul>\r\n			<li>We see a conflict in personal motivations as his fees continue to accrue.&nbsp; How can we align those interests?</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-12 00:00:00'),
	(11, 274, 'Chartered surveyors - AG & G', 'Chartered-surveyors-AG-G', '2020-06-11 20:42:19', NULL, '<p>Another shareholder Andy Thompson (Ex- Citigroup) has passed on details of the following specialist chartered surveyors Morgan &amp; Clarke https://www.morganandclarke.co.uk Morgan &amp; Clarke are used by Noah Bulkin (institutional pub estate investor).</p>\r\n\r\n<ul>\r\n	<li>Offer a range of valuation and professional services dedicated to our core client base of tenants, lessees and operators of licensed and leisure properties.</li>\r\n	<li>Website has some interesting / relevant updates facing the pub industry and associated costs with reopening.</li>\r\n	<li>At some point it will make sense for a planner to look at all the sites and give a freehold value and the probability of conversion into either hotel / flats or offices , then an uplift on what that&rsquo;s worth done.</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>AG&amp;G introduction below</p>', 'advocate', 'Pub valuation', 1, '2020-06-11 00:00:00'),
	(14, 274, 'JM covering email', 'JM-covering-email', '2020-06-18 21:56:51', NULL, '<p>There will be a series of emails with attachments coming your way. On a separate note following our call last week I thought I should provide some reflections on what was discussed;</p>\r\n\r\n<p><strong>Valuations / open market sales</strong> &ndash; although formal valuations are being instructed its important to manage expectations now. It was mentioned on the call that there is appetite from shareholders in Harcourt Pub Ltd that an open market sales process is carried out. Speaking to agents at Savills, Fleurets and AG&amp;G there isn&rsquo;t a market right now nor is there expected to be one in the short term.</p>\r\n\r\n<p>Savills valued the Harcourt prior to COVID-19 at &pound;3.05m and Fleurets valued the Harcourt post COVID-19 at &pound;2.2m with a &ldquo;fire sale&rdquo; value of &pound;1.8m.</p>\r\n\r\n<p><strong>Reopening in 2020</strong> &ndash; whilst I agree that we need to make a decision on &lsquo;if and when&rsquo; each pub reopens in 2020 based on forecasts (taking into account any customer and employee goodwill lost if pubs don&rsquo;t reopen in 2020) we need to come up with a robust plan for the banks/lenders as they have already started asking about plans regarding reopening, refinancing, restructuring or recapitalisation. Simply saying the pubs wont reopen for 2020 will not be sufficient for lenders.</p>\r\n\r\n<p>We also need to consider the implications of making all staff redundant and then rehiring six months later. It&rsquo;s not as binary as suggested on the call as quality employees are hard to find even in a stronger recruitment market and that&rsquo;s before you look at training and integrating new employees into the pubs and the costs associated.&nbsp;</p>\r\n\r\n<p><strong>Global solution</strong>&nbsp; - It&rsquo;s important that we look at the portfolio as a whole as any solutions may well enhance value as a portfolio and it&rsquo;s also important that we ensure central costs remain sustainable for all pubs. You touch upon central costs in your letter and its very important for the sustainability of all the pubs in the short term to medium term that a viable solution is found. &nbsp;&nbsp;</p>\r\n\r\n<p>Rachel cannot make a call on Fri and in fact I have devoted much of this week to providing the information you requested and so I need to spend the next 48 hours focusing on reopening plans and forecasts &ndash; which will naturally be circulated as promised.</p>\r\n\r\n<p>I suggest a call either Tues, Wed or Thurs mornings next week.</p>\r\n\r\n<p>Regards,&nbsp; James McCulloch</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-18 00:00:00'),
	(15, 274, 'Summary of accounts sent by JM on 18 June 2020', 'Summary-of-accounts-sent-by-JM-on-18-June-2020', '2020-06-18 22:24:55', NULL, '<p>The attached spreadsheet summarises the PnL of each of the pubs, and contains a few other highlights, notably the proportion of the pubs&#39; income that is being allocated to management fee and head office expenses.</p>\r\n\r\n<p>My concern is that James has no incentive to close the pubs as his fees accrue&nbsp; - so I think we need to make the fees conditional on:</p>\r\n\r\n<ul>\r\n	<li>Investor being paid a minimal dividend</li>\r\n	<li>No debt to accrue</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table cellspacing="0" style="border-collapse:collapse; width:523px">\r\n	<tbody>\r\n		<tr>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; height:40px; text-align:right; vertical-align:bottom; white-space:normal; width:122px">&nbsp;</td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Harcourt</strong></td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Coach</strong></td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Hero</strong></td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>KPH</strong></td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Crown</strong></td>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Three Cranes</strong></td>\r\n		</tr>\r\n		<tr>\r\n			<td style="background-color:#d9d9d9; border-bottom:none; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:20px; text-align:right; vertical-align:bottom; white-space:nowrap"><strong>Turnover</strong></td>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">3,303,019</td>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">2,144,132</td>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">1,112,667</td>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">2,633</td>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">331,371</td>\r\n			<td style="border-bottom:none; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">733,318</td>\r\n		</tr>\r\n		<tr>\r\n			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; height:20px; text-align:right; vertical-align:bottom; white-space:nowrap"><strong>Management fees</strong></td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">382,660</td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">436,916</td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">193,000</td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">201,384</td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">57,167</td>\r\n			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">116,441</td>\r\n		</tr>\r\n		<tr>\r\n			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; height:20px; vertical-align:bottom; white-space:nowrap">&nbsp;</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">12%</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">20%</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">17%</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">7648%</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">17%</td>\r\n			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">16%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>', 'advocate', 'Pub reopening', 1, '2020-06-18 00:00:00'),
	(17, 274, 'Email to JM (22 June) -draft', 'Email-to-JM-22-June-draft', '2020-06-22 13:14:57', NULL, '<p>James</p>\r\n\r\n<p>Thank you again for your time on the 12th June to run through the landscape for the various pubs. We look forward to the follow up call on Weds at 10am with yourself, and also the opportunity to e-meet Rachel.</p>\r\n\r\n<p>I was reviewing my notes from the call, and you agreed &nbsp;to send us the information listed below by the end of last week. We would be grateful if you could get this information to us today/tomorrow morning so we would all appreciated have the opportunity to familiarise ourselves with it in advance of the call on Wednesday.</p>\r\n\r\n<ul>\r\n	<li>Financials/cashflow projections under 2 scenarios (for each pub):\r\n	<ul>\r\n		<li>\r\n		<ul style="list-style-type:square">\r\n			<li>Re-open in July (i.e projections on sales, additional costs, salaries if [x]% paid by govt etc)</li>\r\n			<li>Remain closed</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Details of all loans: Lender, amounts, interest rates, collateral etc.&nbsp;</li>\r\n	<li>All correspondence with HMRC and/or Guinness regarding the EIS applications</li>\r\n	<li>Contractor contract for Harcourt</li>\r\n</ul>\r\n\r\n<p>The investors look forward to working with during this difficult period, including the setting of direction and any sale scenarios.</p>\r\n\r\n<p>Kind rgds,</p>\r\n\r\n<p>Stephen (on behalf of the investor group)</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-22 00:00:00'),
	(18, 274, 'Agenda for JM call on 24-June (SN, NC)', 'Agenda-for-JM-call-on-24-June-SN-NC', '2020-06-22 14:18:00', NULL, '<p>ZOOM MEETING 10am 24 JUNE</p>\r\n\r\n<p>AGENDA/INFORMATION TO BE COVERED</p>\r\n\r\n<ul>\r\n	<li>Current cash position for each pub and bank debt, upcoming repayment dates. Current position/dialogue with bank (as appropriate).</li>\r\n	<li>Immediate liquidity threats to any pub? Proposal for dealing with it.</li>\r\n	<li>What is the current proposal on re-opening?\r\n	<ul style="list-style-type:circle">\r\n		<li>Which pubs?</li>\r\n		<li>Which date?</li>\r\n		<li>Business case for re-opening - break-even level of revenue on a cash basis assuming 1 mtr social distancing and confidence level?</li>\r\n		<li>Key suppliers/sensitivities which could undermine ability to re-open?</li>\r\n		<li>Position re furloughed staff?</li>\r\n		<li>Sufficiency of cash balances /working capital to fund operations?</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ul>\r\n	<li>Proposal for those pubs that cannot be re-opened in the short-term\r\n	<ul style="list-style-type:circle">\r\n		<li>Cash position and forecast essential payments while mothballed</li>\r\n		<li>Current dialogue/position with bank as appropriate.</li>\r\n		<li>Intentions regarding furloughed staff. Need to issue redundancy notices and if so when?</li>\r\n		<li>Other steps necessary to protect shareholder value</li>\r\n	</ul>\r\n	</li>\r\n	<li>Valuations for the Harcourt and Three Cranes (which are unlikely to re-open)</li>\r\n	<li>Valuation for the Coach</li>\r\n	<li>EIS &ndash; latest status with HMRC and intended follow up</li>\r\n	<li>Other proposals/issues?</li>\r\n</ul>', 'advocate', 'SAG - JM communication', 1, '2020-06-22 00:00:00'),
	(19, 274, 'Consolidated fees, loans and balance sheet- from Rachel Rossiter', 'Consolidated-fees-loans-and-balance-sheet-from-Rachel-Rossiter', '2020-06-24 11:00:13', NULL, '<p>In advance of this morning&#39;s meeting, please find a file of consolidated balance sheet schedules which formed part of the pre-meeting request.&nbsp; The attached includes:</p>\r\n\r\n<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All loan agreements, the current outstanding amounts, terms and interest rates</p>\r\n\r\n<p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank balances as at this morning</p>\r\n\r\n<p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A breakdown per site of management fees and outstanding liabilities</p>\r\n\r\n<p>All this information was included within the management report packs sent last week but for the purposes of our call and review, I&#39;ve consolidated on one report for ease.</p>\r\n\r\n<p>Following a call yesterday from Stephen who had pointed out you were expecting detailed management accounts for the years prior to the 31Mar20 year end, I have reviewed the original information request and can confirm it was only requesting filed accounts for prior years, not detailed management accounts.&nbsp; The filed statutory accounts have of course already been published within the management pack of last week, so I have signed that request off as being complete and no further information required.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>', 'advocate', 'Financials', 1, '2020-06-24 00:00:00'),
	(20, 274, 'Call with James McCulloch, Rachel Rossiter, Steve Nurse, John Soden', 'Call-with-James-McCulloch-Rachel-Rossiter-Steve-Nurse-John-Soden', '2020-06-24 14:14:52', NULL, '<p><strong>Summary of call</strong></p>\r\n\r\n<p><strong>Attendees:</strong></p>\r\n\r\n<ul>\r\n	<li><strong>James McCulloch (JM)</strong></li>\r\n	<li><strong>Rachel Rossiter</strong> (RR)</li>\r\n	<li><strong>John Soden</strong> (JS)</li>\r\n	<li><strong>Steve Nurse</strong> (SN)</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>JM demands apology from SN calling RR (0-mins)</strong></p>\r\n\r\n<ul>\r\n	<li>JM demand apology from SN for calling RR to chase promised financials</li>\r\n	<li>&ldquo;Want to be helpful, believe we are being helpful, but there is a crossover point&quot;</li>\r\n	<li>SN apologises</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>JS asks for a snapshot of each pub with respect to reopening (2-mins)</strong></p>\r\n\r\n<ul>\r\n	<li>JM: They are currently preparing analysis of break-even point for each pub, based on a rota of staff and partial opening</li>\r\n	<li>Proposed running short-term (August-November) test program and provide week by week analysis</li>\r\n	<li>Suggested his plan that was almost &ldquo;break-even&rdquo;</li>\r\n	<li>Recognised consumer demand is somewhat unknown</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>SN asked for the definition of break-even (4mins)</strong></p>\r\n\r\n<ul>\r\n	<li>SN:Does the break-even proposal include management fees?\r\n	<ul style="list-style-type:circle">\r\n		<li>JM : Includes head-office fees but not management fees</li>\r\n	</ul>\r\n	</li>\r\n	<li>Asked why he would not include management fees?\r\n	<ul style="list-style-type:circle">\r\n		<li>JM &ldquo;it would be almost impossible to get to [to break-even] &rdquo; &nbsp;</li>\r\n		<li>Admits it is impossible to get any of the pubs to be profitable if including management fees\r\n		<ul>\r\n			<li>Note: JM has a tendency to report PnL of pubs excluding non-operating costs (fees,interest).&nbsp; I pulled him over this when we met in February but he persists on this in his communications.&nbsp;</li>\r\n			<li>His argument to me in February, is that management fees were not part of buy-out multiples.&nbsp;</li>\r\n			<li>My retort would be that that is fine to point out to investors for the future<em> possibilities</em>, but the base case when speaking with investors about historic performance is that all costs have to be included.&nbsp; No other business operates like that, and to make that assumption when presenting, and not explicitly pointing out, is deception. Personally I would have some sympathy for that approach if the fees were a small percentage of the profit, but in this case the sin of omission wholly obfuscates the reporting of value by changing a small profit into an unsustainable heroic loss. My view is that JM is guilty of systematic, repeated and pre-meditated misrepresentation to investors to avert attention and prolong the duration of his management fees &nbsp;</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Rachel points out consider long-term value of hotel rooms\r\n	<ul style="list-style-type:circle">\r\n		<li>Note:&nbsp; Should have asked JM and RR if they &ldquo;believe in that strategy&rdquo; and after a &lsquo;Yes&rsquo; suggest they subordinate their fees until investors had been returned par</li>\r\n	</ul>\r\n	</li>\r\n	<li><em>JM concedes it will be the shareholders decision whether to reopen</em></li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>SN Asked why should we reopen if the pubs can&rsquo;t make money (6mins)?</strong></p>\r\n\r\n<ul>\r\n	<li>JM answer: Inertia around hiring staff</li>\r\n</ul>\r\n\r\n<p><strong>What is he currently working on:</strong></p>\r\n\r\n<ul>\r\n	<li>JM noted that the creditors will want a plan, which can&rsquo;t just be mothballing, but will require refinancing or cashflow injection. &ldquo;Being worked on as we speak&rdquo;</li>\r\n	<li>JM Promise/deliverable: By Friday 26th June, will circulate updated PnL and cashflow forecast, based on rotas agreed. Promised now: cash positions/creditors.&nbsp;&nbsp; Note: done</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>HR advisors to advise on cost of redundancies &ndash; &ldquo;massive redundancies being planned&rdquo; (somewhat contrary to his prior statement on importance of continuity of staff?)</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Discussion of Tronc (8mins)</strong></p>\r\n\r\n<ul>\r\n	<li>Background information on structure of pay (NI on service charge). Not important to the decision process</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Asked which pubs will reopen</strong></p>\r\n\r\n<ul>\r\n	<li>Harcourt &ndash; no</li>\r\n	<li>Three Cranes- &nbsp;Discussed pedestrianizing the road nearby and take-away\r\n	<ul style="list-style-type:circle">\r\n		<li>Note this is not new news and was part of the original plans</li>\r\n	</ul>\r\n	</li>\r\n	<li>KPH - Maybe</li>\r\n	<li>Hero - Yes</li>\r\n	<li>Coach -Yes</li>\r\n	<li>Crown &ndash; Open\r\n	<ul>\r\n		<li>See email sent .</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>JS asked about working capital and immediate cashflow needs</strong></p>\r\n\r\n<ul>\r\n	<li>Food &ndash; will be bought daily</li>\r\n	<li>Trade creditors that they owe money to are not chasing for payments and they are reliant on relationships\r\n	<ul>\r\n		<li>Sites with more cash are paying more money to suppliers</li>\r\n		<li>Sites with less cash (Hero, KPH) paying less to suppliers</li>\r\n		<li>Can&rsquo;t afford to re-stock wine cellars</li>\r\n		<li>All suppliers being &ldquo;incredibly understanding&rdquo;\r\n		<ul>\r\n			<li>One moving to CoD.&nbsp;</li>\r\n		</ul>\r\n		</li>\r\n	</ul>\r\n	</li>\r\n	<li>Unbelievable that they are dramatically short of cash and are in a desperate positio</li>\r\n	<li>&nbsp;</li>\r\n</ul>\r\n\r\n<p><strong>Are they planning on taking on debt to finance working capital?</strong></p>\r\n\r\n<ul>\r\n	<li>JM ans:&nbsp; this is what he is working on and will &ldquo;present in July&rdquo;</li>\r\n	<li>Bounce-back loans</li>\r\n	<li>JM agrees it is down to shareholders how to refinance (my view: yes, now he has no options on bank debt)</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Asked what he would be &ldquo;presenting on the 4 July&rdquo; (38mins)</strong></p>\r\n\r\n<ul>\r\n	<li>Restructuring proposal mentioned in the past</li>\r\n	<li>Integrating businesses where we can, considering tax issues</li>\r\n	<li>Exit to shareholders and a share of any future performance</li>\r\n	<li>No indication yet on levels</li>\r\n	<li>Will bring to the advocacy team first before to wider shareholders, alongside other options</li>\r\n	<li>In discussions with the banks</li>\r\n	<li>Will work out the strategic plans together to benefit all shareholders</li>\r\n</ul>\r\n\r\n<p><strong>Bounceback loans</strong></p>\r\n\r\n<ul>\r\n	<li>Applied for bounce-back loans</li>\r\n	<li>Harcourt agreed, but not paid</li>\r\n	<li>One thing pressing &ndash; Andrew Ending (Harcourt) &ndash; he is threatening to take wind-up proceedings against the Harcourt&nbsp; (Sansar)</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Sansar- When did Sansar stop working (45mins)</strong></p>\r\n\r\n<ul>\r\n	<li>JM ans:&nbsp; Stop working over 12months ago</li>\r\n	<li>Wants a payment of 18months fee on top of what he was owed</li>\r\n	<li>Started 2016.&nbsp; Did 3 yrs and asking a year and a half</li>\r\n	<li>However, they continue to use Sansar to do the accounts.\r\n	<ul style="list-style-type:circle">\r\n		<li>&quot;Rachel &ndash; what does Vinesh do?&quot;</li>\r\n		<li>Owed 171k.</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p><strong>Costs to mothball Harcourt</strong></p>\r\n\r\n<ul>\r\n	<li>Insurance : 2k</li>\r\n	<li>PoS systems &ndash; negotiate exit/reduction</li>\r\n	<li>Non-operating costs</li>\r\n	<li>Interest accruing but not being paid.\r\n	<ul style="list-style-type:circle">\r\n		<li>RBS have agreed to capitalise interest</li>\r\n	</ul>\r\n	</li>\r\n	<li>The proposal for the Harcourt will clear up a lot of these issues.\r\n	<ul style="list-style-type:circle">\r\n		<li>Capital for recovery and build out</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p><strong>Valuations</strong></p>\r\n\r\n<ul>\r\n	<li>Any sale will be perceived as distressed</li>\r\n	<li>Has to be a third party arms length sale to trigger termination of contracts</li>\r\n	<li>Fair summary -dire -&nbsp; will be tipped over in a few months</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Next most stressed - KPH</strong></p>\r\n\r\n<ul>\r\n	<li>Metro bank</li>\r\n	<li>&nbsp;Got loans for Coach and 3 Cranes</li>\r\n	<li>xxx</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Bounce back loan (58mins)</strong></p>\r\n\r\n<ul>\r\n	<li>JS suggested that they get application for bounce-back loans, but do not take until approval agreed by shareholders</li>\r\n	<li>JM- agreed to that&nbsp;</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Metro bank</strong></p>\r\n\r\n<ul>\r\n	<li>Relaxed covenants, and interest is being deferred</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Downing (Hero and KPH)</strong></p>\r\n\r\n<ul>\r\n	<li>Wholly confused description of what the loan is with Downing</li>\r\n	<li>No covenants other than paying interest</li>\r\n	<li>But not sustainable</li>\r\n	<li>Need a plan by early July of a plan of a sustainable plan</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Chiswick</strong></p>\r\n\r\n<ul>\r\n	<li>Lendinvest.&nbsp; Pulled refi in Feb CV19\r\n	<ul style="list-style-type:circle">\r\n		<li>Short term liabilities</li>\r\n		<li>Interest &ndash; bridging loan at 0.08%</li>\r\n	</ul>\r\n	</li>\r\n	<li>Why are the using fledgling banks?</li>\r\n	<li>Coutts &ndash; hire a director to access loans,&nbsp; Sounds sketchy</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Discussion on local council debts</strong></p>\r\n\r\n<ul>\r\n	<li>Council tax during refurbishing</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Management fees</strong></p>\r\n\r\n<ul>\r\n	<li>Harcourt investments &ndash; replacement of Ducalian</li>\r\n	<li>Ducalian &ndash; outstanding prior to April 2019. Invoiced &ndash; but not paid?</li>\r\n	<li>Harcourt Inns &ndash; Head office- Henry, Steve, Jen (Marketing), events team\r\n	<ul style="list-style-type:circle">\r\n		<li>Passed down to the pubs</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p><strong>Guinness Asset management charge</strong></p>\r\n\r\n<ul>\r\n	<li>Essentially like for like replacement of Ducalian fee.&nbsp;</li>\r\n	<li>Not a problem</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Loans Harcourt Investments to other pubs</strong></p>\r\n\r\n<ul>\r\n	<li>JM lending from Harcourt Investments to meet liquidity needs</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Exit proposal &ndash; who is helping Partner at TDR capital </strong></p>\r\n\r\n<ul>\r\n	<li>Mike Smith, IMO Car wash</li>\r\n	<li>Investor and CEO</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Valuations (1hr 20min)</strong></p>\r\n\r\n<ul>\r\n	<li>Harcourt (Pre CV19)\r\n	<ul style="list-style-type:circle">\r\n		<li>&pound;3.05m for Harcourt as bricks and mortar</li>\r\n		<li>Net creditors/loans - &pound;433k losses; &nbsp;RBS 561m etc</li>\r\n		<li>=&gt; 40 cents</li>\r\n		<li>Post CV19 it is &ldquo;not particularly good&rdquo;</li>\r\n	</ul>\r\n	</li>\r\n	<li>Three Cranes (1hr 32min)\r\n	<ul style="list-style-type:circle">\r\n		<li>Savills - &pound;2.1m (pre CV19)</li>\r\n		<li>Florets on Harcourt - &pound;2.2m post CV-19.&nbsp; Values equity at zero</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Will you waive management fees given total value destruction?</strong></p>\r\n\r\n<ul>\r\n	<li>&ldquo;What&rsquo;s my incentive to do that&rdquo;?</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>When is the proposal due - </strong></p>\r\n\r\n<ul>\r\n	<li>&ldquo;In July&rdquo;</li>\r\n	<li>Returns will be significantly higher than if we sell now</li>\r\n	<li>Aiming for valuations second week of July</li>\r\n	<li>Face to face the proposal</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Alternative use value</strong></p>\r\n\r\n<ul>\r\n	<li>Harcourt may have resi value</li>\r\n	<li>Hero &ndash; could be a hotel.&nbsp; Change</li>\r\n	<li>&nbsp;</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Discussion of option to build hotel rooms in Harcourt</strong></p>\r\n\r\n<ul>\r\n	<li>Planning permission costs ~ 20k.&nbsp;</li>\r\n	<li>Approval ~ 8 weeks</li>\r\n	<li>Discussion on 8-9 room</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>EIS (1hr 45mins)</strong></p>\r\n\r\n<ul>\r\n	<li>Promised to provide all information. &ldquo;Will get it to you&rdquo;&nbsp;</li>\r\n	<li>Have not collated it yet and correspondence with HMRC</li>\r\n	<li>Will chase Philip Hare</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Reopening</strong></p>\r\n\r\n<ul>\r\n	<li>People can come on/off furlough part-time.&nbsp; But not fulltime</li>\r\n	<li>Deferring to shareholders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\r\n	<ul style="list-style-type:circle">\r\n		<li>Won&rsquo;t put it out to vote</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p><strong>Weekly update on liquidity per pub</strong></p>\r\n\r\n<ul>\r\n	<li>Shareholders must be given the decision to take loans</li>\r\n	<li>Rachel agreed to that too</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Furlough and redundancy </strong></p>\r\n\r\n<ul>\r\n	<li>Redundancies tied to minimise costs</li>\r\n	<li>100 employees across the pub (!!)</li>\r\n	<li>&nbsp;35 redundancies</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Apology requested for Harcourt investment</strong></p>\r\n\r\n<ul>\r\n	<li>No forthcoming</li>\r\n	<li>Meeting terminated</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Ask to change the fee structure to avoid contra-alignment</strong></p>\r\n\r\n<p><strong>Sensible offer required</strong></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>EIS</strong></p>\r\n\r\n<ul>\r\n	<li>JS asked if Steve Partridge can talk to Philip Hare</li>\r\n	<li>- Whether waiting for relief is sensible etc</li>\r\n	<li>JM &ndash; to set up meeting between Steve P and Philip Hare</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-24 00:00:00'),
	(21, 274, 'Bounce back loans (Rachel email 25June)', 'Bounce-back-loans-Rachel-email-25June', '2020-06-26 10:01:27', NULL, '<p><strong>From:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> Thursday, June 25, 2020 11:27:44 AM<br />\r\n<strong>To:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Cc:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> Bounce Back Loan</p>\r\n\r\n<p>Hi John</p>\r\n\r\n<p>Hope you&rsquo;re well.</p>\r\n\r\n<p>We&rsquo;re expecting a response today from Coutts re the bounce back loan applications for Maida Vale Leisure Ltd and Barts Pub Ltd.&nbsp; Once the application has been approved, the money lands in the account within a few hours without having an option to accept to draw down.</p>\r\n\r\n<p>The terms of the loan are at 2.5% pa, repayments starting one year from acceptance, with the first years interest being paid by the government.&nbsp; On a &pound;50k loan, the total repayment is just over &pound;53k, so exceptionally good interest rates compared to traditional lending, monthly repayments being just &pound;888 per month so sustainable from a cashflow point of view.</p>\r\n\r\n<p>Just following up on our call where we agreed to discuss this prior to accepting the BBLS, can we table this for agreement (or not) as soon as possible.&nbsp; I&rsquo;m going to leave this with you to discuss with the shareholder group, or representatives, and get back to us.</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>', 'advocate', 'Financials', 1, '2020-06-25 00:00:00'),
	(22, 274, 'Reopening projections (email from Rachel 25 June)', 'Reopening-projections-email-from-Rachel-25-June', '2020-06-26 10:13:02', NULL, '<p>Following yesterdays call, here are the updated forecasts for 2020-21 that we&rsquo;re working on.&nbsp; Please note this is very much a work in progress.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>On the first tab, you&rsquo;ll find our proposal for opening hours by site as well.&nbsp; Just might clarify those notes from the call seeing them on one sheet.&nbsp; Again, we&rsquo;ve pitched it at closing at 10pm but of course if the pubs are busy, GM&rsquo;s will be instructed to remain open for another hour or as demand requires.&nbsp; We are expecting to be fairly fluid for those first few months.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>This updated version assumes that The Harcourt will remain closed for the duration, therefore no revenue etc is forecast, it&rsquo;s just showing insurance and alarm costs.&nbsp; James and I will work on any viable reopening options over the next week and get those across to you separately.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Any questions, please let me know.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>', 'advocate', 'Pub reopening', 1, '2020-06-25 00:00:00'),
	(23, 274, 'Promise to provide documentation', 'Promise-to-provide-documentation', '2020-06-27 11:38:46', NULL, '<p><a name="_MailOriginal"><strong>From:</strong></a> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Sent:</strong> 19 May 2020 10:23<br />\r\n<strong>To:</strong> Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;<br />\r\n<strong>Subject:</strong> RE: Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>Steve,</p>\r\n\r\n<p>No problems providing this info.</p>\r\n\r\n<p>This week is the end of our payroll cycle and so we need to work to a fast turnaround deadline to get the furlough submission to HMRC to ensure funds are in the accounts by the end of the month to meet payday on 29th May so this Fri is unrealistic.</p>\r\n\r\n<p>I will provide all info requested plus 12 month PL and cash flow forecasts for each pub by Fri 29th May.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 18 May 2020 17:33<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Please can you share with me the following for all the pubs:-</p>\r\n\r\n<ul>\r\n	<li>Management accounts/full financials for 2019 and previous years\r\n	<ul style="list-style-type:circle">\r\n		<li>P&amp;L, balance sheet</li>\r\n		<li>Break-out of any creditors including aged payables and any finance arrangements such as long/short term loans, over-drafts etc</li>\r\n		<li>Break-out of any capital holidays or leniency on covenants</li>\r\n	</ul>\r\n	</li>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not.</li>\r\n		<li>Are management fees to Harcourt being paid?</li>\r\n		<li>Are operational fees being paid?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris</li>\r\n	</ul>\r\n	</li>\r\n	<li>Any other material information that are pertinent to a valuation</li>\r\n	<li>All material contracts</li>\r\n</ul>\r\n\r\n<p>Our intention is to disseminate the data to investors equally/simultaneously (in those pubs that they are invested in). I hope you will be able to assist us in locating those investors we haven&rsquo;t been able to contact.</p>\r\n\r\n<p>There is an investor-zoom call this Friday. Please can I have this information in advance of that meeting (by Thursday CoB latest) so we can have had some time to analyse them before the call on Friday.</p>\r\n\r\n<p>Thanks</p>\r\n\r\n<p>Steve</p>', 'advocate', 'SAG - JM communication', 1, '2020-05-19 00:00:00'),
	(24, 274, 'Feedback to JM after call on 24 June.', 'Feedback-to-JM-after-call-on-24-June', '2020-06-29 17:31:51', NULL, '<p>Dear James,</p>\r\n\r\n<p>Stephen and I have shared the information you have given us in our calls and by email in the last week or so with the core group. I am writing to set out initial thoughts and reactions.</p>\r\n\r\n<p>There is a universal feeling of shock and disbelief at the financial position of the pubs and the extent of debt and commitments which have built up which significantly impact shareholder value. The high head office costs do not seem to be delivering the necessary benefits to all pubs even pre C-19.<br />\r\nOur initial thoughts are that the priority is for immediate action to be taken to stabilise each pub and to protect value. To that end we believe you should not spend your time rushing or analysing how to re-open the pubs in the next few weeks because the situation is so uncertain and is likely to deplete cash even more. Instead we suggest you focus your attention and energy on the following:</p>\r\n\r\n<p>1. &nbsp;developing further cashflows for each individual pub setting out immediate liquidity needs assuming re-opening does not take place for the next two months, showing the minimum payments that needs to be made to protect the pub and a narrative highlighting issues or risks which threaten continuation and any key milestones in the coming weeks.</p>\r\n\r\n<p>2. Take business bounce-back loans where possible but husband cash and pay only essential costs which protect the pubs in the medium term. For the avoidance of doubt we believe management fees must not be paid. Please send an update on each application made and status.</p>\r\n\r\n<p>3. Managing for cash is essential. Please ask Rachel to compile a list for each pub of payments that are absolutely essential in the coming weeks to ensure stability and any further costs that can be cut.</p>\r\n\r\n<p>4. Work up your proposal to shareholders so that it can be discussed as soon as possible and then we can consider with you how it can be presented to each of the 6 shareholder groups. This includes getting independent valuation ranges (upside and downside) for each of the pubs as soon as possible. Please confirm when valuations will be provided and from who as well as the instructions which have been given to them</p>\r\n\r\n<p>5. Provide all the information that has been requested and promised to us (Stephen Nurse) will send a separate comprehensive list for completeness)</p>\r\n\r\n<p>6. provide the correspondence and legal advice relating to the management agreement for the Harcourt with Harcourt management (Andrew Endean?)</p>\r\n\r\n<p>7. Provide the EIS correspondence with HMRC and ensure that EIS certification is chased with HMRC and set up a call early this week between Philip Hare and Steve Partridge as agreed. Please provide dates when the most recent information on the Hero and KPH were provided to HMRC, confirm that there is nothing outstanding and when you intend to chase HMRC (if this has not already been done).</p>\r\n\r\n<p>8. We would like to seek views from one or two pub specialists known to the group and therefore would like to set up discussions for them with Steve Ham on his operational view of each pub and how operations can be optimised including re-opening strategies where appropriate. Please confirm your agreement so that we can initiate this and provide Steve&rsquo;s contact details.</p>\r\n\r\n<p>9. Finally, we would like to nominate a director representing shareholders for each pub company. Please confirm that you are agreeable to this.&nbsp;As we understand you will be making some kind of offer in the next few weeks it would be sensible for you to be able to defer decision-making on that offer to the shareholder director. I&rsquo;m sure you appreciate the point that you cannot make an offer and then consider that offer as a director given your fiduciary duty to avoid conflicts as a director.</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-29 00:00:00'),
	(25, 274, 'Nigel Parsons', 'Nigel-Parsons', '2020-07-02 11:01:34', NULL, '<p>Notes on call between Nigel Parsons and John Soden and Nick Curtis &ndash; 1 July 2020</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Nigel has worked for c. 30 years in the pub and hospitality sector.&nbsp;&nbsp; First at Innterpreneur Pub Company writing leases on their c. 2,000 pub estate to landlords (one of the leases was for the Harcourt).&nbsp;&nbsp; Followed by 20 years at Cannacord&nbsp; as sector analyst where he under took competitor analysis. Currently has his own company called Dryburgh Research.&nbsp; He is also a founding director of the MBO of London Taverns Pub Group <a href="https://www.markettaverns.co.uk/">https://www.markettaverns.co.uk/</a> which has 10 pubs in London.&nbsp; Recently bought 4 pubs from the Restaurant Group for bargain price.</p>\r\n\r\n<p>Trading</p>\r\n\r\n<ul>\r\n	<li>Would be ok if pubs were not trading for the next 3 months up to Sept but thereafter we would start to lose longer term clients.</li>\r\n	<li>We need to be well positioned for the Xmas trading period from Sept to Dec.</li>\r\n	<li>Food is difficult and we would be best starting with a reduced menu offering and focusing more on bar food.&nbsp;&nbsp;</li>\r\n	<li>Xmas is good for food and profitable as there is often a single reduced menu</li>\r\n	<li>There are good staff on the market and we could pick up a pub chef for c&pound;60k p.a. (their exec chef who covers all their pubs earns &pound;60k)</li>\r\n	<li>If you have a Head Chef &ndash; they need to work in one of the pubs &ndash; cannot just be overheads</li>\r\n	<li>We need to have a different strategy for each pub as they will all behave differently.&nbsp;&nbsp; &nbsp;&nbsp;</li>\r\n	<li>The 3 Cranes in the city would take time to get back to normal trading but the other assets in residential areas he was more optimistic.</li>\r\n	<li>Next three months will be very difficult Market Taverns is assuming 50% of Revs and 95% costs.</li>\r\n	<li>They will not reopen all their pubs immediately and where they do they will have a reduced drinks offering and simple food offering.</li>\r\n</ul>\r\n\r\n<p>General</p>\r\n\r\n<ul>\r\n	<li>Confirmed we had good assets but that we appeared to have overspent in many areas.&nbsp; Good pubs are always in demand but there was a danger if we appeared to be a distressed seller.</li>\r\n	<li>Staff Wages are c. 27% of Turnover.</li>\r\n	<li>EBIT Margin that Market Taverns makes is 15% (and should be higher if you own the assets).</li>\r\n	<li>If you lease a pub the rent is 8 &ndash; 12% of Turnover</li>\r\n	<li>Beware squatters &ndash; Market Taverns had had them and they had caused significant costs and time to evict.</li>\r\n	<li>If you are going to sell you need to be speedy as you quickly lose your clients and staff.&nbsp;&nbsp; Should run a targeted discrete process</li>\r\n	<li>A group of 6 pubs would find it hard to operate as a group and cover central overheads.&nbsp; You needed c. 15 pubs to reach scale and very tight control on costs.</li>\r\n	<li>Market Taverns has central overhead costs of c. &pound;400k p.a.</li>\r\n	<li>He would recommend Fleurets as a valuer (Graham Bartlett).</li>\r\n</ul>', 'advocate', 'Alternative buyers', 0, '2020-07-02 00:00:00'),
	(26, 274, 'Summary of meeting at the KPH (8 July) - James McCulloch, Rachel Rossiter, Steve Nurse, John Soden', 'Summary-of-meeting-at-the-KPH-8-July-James-McCulloch-Rachel-Rossiter-Steve-Nurse-John-Soden', '2020-07-08 18:31:05', NULL, '<p>And John&#39;s next steps.....</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear all,</p>\r\n\r\n<p>We&rsquo;ll update meeting with JM on 5.30 Zoom. I have set out thoughts on immediate actions to give some focus to next steps. I&rsquo;m sure there will be others.....</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Directors:</p>\r\n\r\n<p>1. Negotiate terms with Cherry/Hancock - establish if acceptable. Draft HOTs.</p>\r\n\r\n<p>2. Get GAMs agreement to them for KPH. Ask them if they have nominees if we need plan B?</p>\r\n\r\n<p>3. Need a pub expert as well?</p>\r\n\r\n<p>4. Draw up contract - get them to draft?</p>\r\n\r\n<p>5. Develop proposal to JM - do we need to wait until we have valuations? - another two weeks. Risks of leaving him in place - till then? We can&rsquo;t get him out any quicker by going EGM route. Do we need to write and put him on notice re use of cash?</p>\r\n\r\n<p>5. When communicate to shareholders? Should we call EGMs now in any event to start clock ticking 6. Seek to keep Rachel - at least short term</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Harcourt</p>\r\n\r\n<p>- cashflow critical - design approach to a short term funding line from investors? - may also be necessary to persuade new directors to come on board</p>\r\n\r\n<p>- valuation will be important to ensure there is a good value buffer available - Due on Friday</p>\r\n\r\n<p>- Need plan for dealing with Endean to ensure he doesn&rsquo;t petition for winding up and jeopardise new funding</p>\r\n\r\n<p>- initial a fast track sale process once we have strategy paper from Gooderham</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>EIS</p>\r\n\r\n<p>- KPH and Hero info only recently went in to HMRC. Need new approach to HMRC?</p>\r\n\r\n<p>-establish if we can/should continue with Philip Hare</p>\r\n\r\n<p>- ensure whatever we do does not make EIS position any worse or create clawback risk</p>\r\n\r\n<p>- establish realisation high and low case for each pub to assist developing strategy and approach.</p>\r\n\r\n<p>- Ensure communication to shareholders is always pub by pub and not as a group to avoid creating new potential control issues?</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Contacting and informing shareholders</p>\r\n\r\n<p>- draft background and status report now. There should be generic paras In each but the communication must be pub by pub?</p>\r\n\r\n<p>- when contact? Only when new directors identified and JM gone or earlier?</p>\r\n\r\n<p>- contact Harcourt investors now?</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-07-08 00:00:00'),
	(27, 274, 'Summary of Cherry/Hancock offer', 'Summary-of-Cherry-Hancock-offer', '2020-07-11 23:29:22', NULL, '<p>Please find the attached. As mentioned on the phone it is a start and options can be explored,</p>\r\n\r\n<p>The split with JM meant that he left Ducalian and the storage projects and James H and I left the pub SPVs and op co. James M bought me and James H out of Ducalian Investments LLP (James M retained this) and it was a three year deferred consideration, (&pound;230k at completion, &pound;220k 1st anniversary, &pound;200k 2nd anniversary) and this now has the &pound;200k left to pay due on 18 April 2021.</p>\r\n\r\n<p>Ducalian had management fees owing from the pubs that we had deferred and part of the split deal was that Ducalian would keep some retained debt that pub cos would repay over a three year period. These are specified in the doc. No retained debt payments to Ducalian have been made so far. If you have any questions just let me know, Best regards, Robert Cherry</p>', 'advocate', 'Ducalian Pub Management proposal', 0, '2020-07-11 00:00:00'),
	(28, 274, 'Alternative management proposal (Ducalian)', 'Alternative-management-proposal-Ducalian', '2020-07-20 13:37:23', NULL, '<p><strong>Pub management offer made by Cherry/Hancock/Barber sent on 20 July 2020</strong></p>\r\n\r\n<p>=============================================================</p>\r\n\r\n<p>Hi Steve and John,</p>\r\n\r\n<p>Please find the attached doc.</p>\r\n\r\n<p>We have spent some time reviewing the existing concepts and the areas. We have had a look back through the existing numbers and looked at where we think the pubs can get to with a bit of a redirection, and built out some new P&amp;Ls that we think the pubs should be aiming for at maturity. There is obviously quite a bit of work to do to get there and the Covid19 ramp up is an unknown, however we think these are achievable.</p>\r\n\r\n<p>You will see a charging structure that we are suggesting, we think this is probably the most aligned way of doing it. We have stuck with the original performance fees for ease but obviously it is an unknown how this will pan out in a deal with James McCulloch. Also for example investors may want to sell The Harcourt at 90% against equity just to get money out quicker but obviously this wouldn&rsquo;t trigger any performance fee. This can all be discussed and we are open to suggestions.</p>\r\n\r\n<p>We have tried to do this quickly so please forgive typos!</p>\r\n\r\n<p>Best regards,</p>\r\n\r\n<p>Robert Cherry</p>\r\n\r\n<p>Ducalian Capital</p>', 'advocate', 'Ducalian Pub Management proposal', 0, '2020-07-20 00:00:00'),
	(29, 274, 'Ducalian proposal', 'Ducalian-proposal', '2020-07-22 15:31:49', NULL, '<p>&nbsp;</p>\r\n\r\n<p>Can we simply the BCH offering as it&rsquo;s in danger of being too complicated, and we risk being back where we started with management cost burden of building another Opco dragging on pub performance.</p>\r\n\r\n<p>If we ran each pub as an individual going concern we would would not want another approx. 130k of overhead (12 x &pound;3500 plus Head office allocation &pound;75-100k) on top of head chef / front of house pub manager / staffing costs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>1. Which pubs are actually going to work? Those that aren&rsquo;t should be put into CVA or request working capital injection from respective shareholder groups.</p>\r\n\r\n<p>2. The Management fee should be a straight cost past through model. Even their back of the envelope calculations look too high particularly if not all pubs reopen for business.</p>\r\n\r\n<p>3. We can align incentives for Ducalian as follows:</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>i) Genuine management costs should be on cost basis.</p>\r\n\r\n<p>ii) Management performance fee should be on 10-20% fee of EBITDA. Incentive to maximise revenue and reduce costs (head office or otherwise)</p>\r\n\r\n<p>iii) Performance fee (10-20%) on sale based on July MTM &lsquo;Fair value&rsquo; - &nbsp;somewhere between low value being Bricks &amp; mortar valuation and higher end adding some enterprise value.&nbsp;</p>\r\n\r\n<p>iv) Pub valuations will be driven by multiple of EBITDA and/or securing planning rights etc.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>e.g. Harcourt had EBITDA 2017/18 &pound;125k and 18/19 &pound;180k even taking into account ridiculous cost base / management charges&nbsp;</p>\r\n\r\n<p>Opportunity to get to management fee of &pound;15-30k assuming 15%&nbsp;</p>\r\n\r\n<p>Bricks and mortar valuation of &pound;2mio and/or enterprise value of &pound;3.5mio (AG&amp;G) so maybe strike fair value at &pound;3mio and participation at 15% would generate another &pound;75k&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>If you have 4 viable pubs you can earn a management fee of 120k if they all did &pound;1m quid t/o and EBITDA of &nbsp;&pound;100-200k .</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Otherwise, you are looking at minimum management fee of &pound;250k, plus allocation of head office costs that still seem high given scale.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Inclusion/removal of cap/floor in the GOP fees?</p>\r\n\r\n<p><strong>#6</strong>&nbsp;Proposal: No change to cap/floor &nbsp;</p>\r\n\r\n<p>If pubs are genuinely underperforming and have no chance of covering operating costs then need to be put into CVA.</p>\r\n\r\n<p>As per above, the floor needs to be zero. Ducalian will have multiple incentives to get pubs back to profitable operations with a realistic chance of participation in equity upside from current &lsquo;fair&rsquo; levels. Removing the cap increases incentives to grow revenue and reduce costs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Accept may have to have a maintenance / admin fee if decision made to mothball pubs pending reopen.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Termination rights&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</p>\r\n\r\n<p>Seems sensible / equitable</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Sale of pub vs On-going - avoid conflict of interest on sale vs on-going operation&nbsp;&nbsp;</p>\r\n\r\n<p>Agree there should be a performance incentive based on some fair value July / August 2020. Also, moves some of the &ldquo;day to day&rsquo; cost base into exit performance fee.</p>\r\n\r\n<p>Agree - Participation rate should be lower given the restrict on MTM.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>David</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'Ducalian Pub Management proposal', 0, '2020-07-22 00:00:00'),
	(31, 274, 'Advising launching EGM', 'Advising-launching-EGM', '2020-08-13 14:04:23', NULL, '<p><strong>From:</strong> John Soden<br />\r\n<strong>Sent:</strong> 11 August 2020 18:57<br />\r\n<strong>To:</strong> &#39;James McCulloch&#39; &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<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 />\r\n<strong>Subject:</strong> RE: The Harcourt -URGENT</p>\r\n\r\n<p>Dear James,</p>\r\n\r\n<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>\r\n\r\n<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>\r\n\r\n<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>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<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>\r\n\r\n<p>John</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 11 August 2020 17:28<br />\r\n<strong>To:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<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 />\r\n<strong>Subject:</strong> RE: The Harcourt -URGENT</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear John,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<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>\r\n\r\n<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>\r\n\r\n<p>In the meantime, I suggest that you await my response before taking any further steps.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Sent:</strong> 06 August 2020 18:28<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<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 />\r\n<strong>Subject:</strong> The Harcourt -URGENT</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear James,</p>\r\n\r\n<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>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<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>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>This is the first of six letters in total. We are preparing customised letters for the other pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>This is copied to Rachel for her information and also to Shane Gallwey.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>John Soden</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-08-06 00:00:00'),
	(33, 274, 'JS & NC with Shane', 'JS-NC-with-Shane', '2020-08-13 14:04:55', NULL, '<p>Summary of call Nick C and I had with Shane Gallwey and Bridget Hallahane on 11 August.</p>\r\n\r\n<ul>\r\n	<li>JM had called Shane after receiving our letter week &ndash; he was rattled and upset it had been sent to GAM</li>\r\n	<li>Shane asked him if his proposal would be forthcoming &ndash; JM said yes</li>\r\n	<li>Shane/Bridget were having a call with Downing that afternoon to discuss KPH and ensure that Downing were controlled &ndash; but a proposal on re-opening would have to be developed</li>\r\n	<li>They were looking at cost of process and cost of doing a Govt CBILs application through Coutts who were the clearing bank for KPH. Difficult if loss-making but they have seen them done. Need to have fresh forecasts showing capability to be profitable</li>\r\n	<li>Also worried about JM putting company into administration &ndash; we said co-ordinated attack on JM essential to show him how much he could loss/suffer if he did. Also important to take a co-ordinated strong line across all pubs</li>\r\n	<li>We mentioned Dowling and that we were considering him and some others. Bridget lives in Greenwich and knows the Trafalgar. We said that important for them to meet Frank as well if we wanted to go with him.</li>\r\n	<li>They were negative on Cherry going back in</li>\r\n	<li>Gallwey acknowledged they had been blindsided by JM but agreed he had to go. Noted that they had been grateful to JM when he had brought in Downing to fund refurb when GAM had been unable to do a second EIS fundraise, as expected, due to change in tax regs</li>\r\n	<li>They had received an EIS response from HMRC two days before &ndash; not good &ndash; lots of info about JM promoting pub group/ referred to job ads for positions in the &ldquo;group&rdquo; etc &ndash; querying control. They are upset by what he has done to compromise EIS position</li>\r\n	<li>GAM also upset with JM on valuation on KPH and sending it to us. They were not told there was one and he is not allowed to provide info outside the board due to his confi undertakings</li>\r\n	<li>Admitted that they had had trouble getting hold of JM</li>\r\n	<li>Philip Hare had supposedly advised application across the 3 pubs. Guinness had introduced Roger Blears for second opinion but not sure JM had used him. Information about status generally contrary to what JM had told us &ndash; so he has been covering up</li>\r\n	<li>We agreed it was important to get the KPH letter to Steve Partridge to review but confi issues to navigate.</li>\r\n	<li>Not impressed by Rachel as CFO</li>\r\n	<li>Supportive of changing KPH board and will consider 2 directors being added by us. Worried though about having common directors across companies if EIS compromised. Agreed we should have Steve P talk to both Hare and Blears. GAM said they&rsquo;d be happy to pay Blears.</li>\r\n</ul>', 'advocate', 'SAG - GAM', 1, '2020-08-12 00:00:00'),
	(34, 274, '14 August', '14-August', '2020-08-14 15:50:14', NULL, '<p>Dear James,</p>\r\n\r\n<p>Thanks for coming back to me.</p>\r\n\r\n<p>We would obviously prefer to find a consensual solution to the current concerns and issues but given the lack of progress to date and the comments in your email yesterday, we are concerned this is unlikely. As such, we have sent you a shareholder requisition to remove the current directors and appoint new directors for five of the pub companies. The requisition for the KPH will come early next week. Clearly if we are able to find a solution in the intervening period we can reconsider those requisitions.</p>\r\n\r\n<p>We have taken note of the comments in your email of 11 August and will ensure that shareholder communications are based on the correct position. We have no intention to mislead anyone but note that a week has passed since our communication and you have not identified any specific points that you assert as incorrect.</p>\r\n\r\n<p>We note also that you have not responded to a number of the other points that we raised in the draft letter. Many of these arose directly from our conversations with you/and or Rachel. For example we were told by Rachel that a &pound;50k &ldquo;bounce-back&rdquo; loan has been taken in the Harcourt SPV and then used to repay outstanding debt to Harcourt Investments and lent on to another pub.</p>\r\n\r\n<p>Did this have board approval?</p>\r\n\r\n<p>With regard to the management contracts, we have taken both legal advice and gained an understanding of the market norms at the time they were entered into. Although we were aware of the headline terms from the Information Memorandum, having now seen some of the Management Contracts as part of our discussion it is clear many of the terms are significantly off market. A key point is that you are due a management fee based on a capital raise without any reference to the value of the pubs or the financial performance.&nbsp; We also are concerned that in many of the contracts profit is defined in a way to allow the exclusion of key costs such as interest and annual management fees.</p>\r\n\r\n<p>It is not clear why any board would enter into a management contract for such length without performance related termination grounds.&nbsp; None of the six pubs you manage has ever made a profit and management fees are a key element driving losses. The heart of the issue is that you are both manager and director and so there is an inherent conflict of interest &ndash; what incentive do you have to renegotiate the contract to market terms?</p>\r\n\r\n<p>We are also concerned that post capital raising you may have entered into operational contracts without any reference to shareholders.&nbsp; For example you seem to have taken on an operational role at the Harcourt whilst the Sansar contract continues to run&ndash; who and how was this approved?&nbsp; &nbsp;Any owner would particularly want to look at it closely when the person signing it off from the company was also a director and shareholder in the management company and, as such, is likely to have benefitted from the fees received.&nbsp;</p>\r\n\r\n<p>We are also struggling to reconcile the management fees charged to each pub with the disclosure in the Information Memorandum. To give a few examples where it has been hard to understand the disclosure versus the accounts:</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Crown: </strong>The management fee set out in the Information Memorandum entitles Ducalian to receive a management fee of 2% of the money raised in the offering being &pound;5m (effectively a &pound;100k pa fee). The Information Memorandum discloses that performance fees become payable only after each investor has received distributions (whether capital or income) on their investment equal to their original capital subscription.&nbsp; No distributions have been made available and so on the face of the disclosure Harcourt Investment&rsquo;s only entitlement to fees is &pound;100k pa (subject to an inflationary rachet).&nbsp; The fees in the 2019/20 accounts are &pound;268k (in one month alone March 2020 the fees paid were &pound;184k).&nbsp; On what contractual basis is the &pound;268k charged? Have you signed an operational contract?&nbsp; If so &ndash; who approved it?</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Coach: </strong>there are two line items referring to management fees in the 2018/2019 amounting to &pound;259k of management fees (&pound;118k and &pound;140k). The Management Fee disclosed in the Information Memorandum was 2% on the amount of the initial raise (being &pound;4.72m ie &pound;94k subject to an inflation ratchet, plus 25% of profits).&nbsp; As the Coach has never made a profit &ndash; please explain the basis of your contractual entitlement to &pound;259k.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Harcourt: </strong>Again a 2% annual management fee was disclosed which would entitle you to 88k pa. There is a 10% fee on profits, but again no profits have ever been made at the Harcourt. Please explain the basis of your contractual entitlement to management fees of 221k in the period 2017/19?</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>To the extent that we can&#39;t come to an agreement with Harcourt Investments on the management contracts and the fees charged then we would expect new directors will commence an investigation.&nbsp; Any new board will look carefully at the conflicts of interest, the quantum of fees, consistency of charging between pubs and the governance structure particularly where there are any post capital raises or amended contracts.&nbsp; We would imagine the board will look to appoint forensic accountants to assist in this process.&nbsp; &nbsp;Clearly if you can explain the rationale, and show that conflicts of interest were adequately dealt with, and fiduciary duties were followed as a director of the company, for entering into the management contract and operational contracts on those terms and for the fees charged, then we are interested to hear that explanation.&nbsp; As a starting point please confirm whether the management contracts have materially changed since the capital raise and confirm whether you have entered into new management or operational contacts or taken assignments of old contracts.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>You have now suggested a meeting next Tuesday which is helpful and I can confirm that Nick Curtis and I will attend. Please confirm whether you will be attending alone or with your solicitor. We are happy to have that meeting on a &#39;without prejudice&#39; basis in the hope that we might find a solution. In essence the shareholders are determined to make a fresh start with new directors and a new manager.&nbsp; We believe it is in all stakeholders&rsquo; interest to agree a consensual solution to effect this change as soon as possible given the perilous state of the pubs and look forward to meeting you to discuss a&nbsp;way forward.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>John</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Date:</strong> 13 August 2020 at 16:52:29 BST<br />\r\n<strong>To:</strong> John Soden &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;<br />\r\n<strong>Cc:</strong> Clive J Halperin &lt;<a href="mailto:cjhalperin@gscsolicitors.com">cjhalperin@gscsolicitors.com</a>&gt;, Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> <strong>Harcourt Pubs</strong></p>\r\n\r\n<p>﻿</p>\r\n\r\n<p>Dear John,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>I write further to your emails of 11 August.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Firstly, as I wrote on 11 August, I will get back to you next week once I have fully considered your email. I note that you have chosen not to address the point that I made to you regarding the defamatory and misleading comments you have already made. I would urge you to ensure that should you choose to communicate with other shareholders or any other third parties you ensure that you do not make any defamatory or untrue statements. You should consider taking advice as to the consequences of seeking other shareholders to make decisions based on incorrect information.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>One of the key points that I think it is very important to stress is the issue of the management agreements. You suggest some kind of impropriety but the key commercial terms of the management agreements (including their duration) were contained in the prospectuses and shareholder approval was sought and obtained under the advice of a reputable law firm who managed this process. To suggest that either these agreements are not valid or somehow were entered into without disclosure is without any basis whatsoever. I mention this so that you understand that while you may be dissatisfied by your investment, it is simply not the case as you seek to allege that this is down to any misconduct on my part. There have also been previous discussions and conversations with shareholders regarding the management agreements and the issue of management fees has been transparent.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>There is no basis to terminate the management agreements and they will continue to apply, whether I am a director or not.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Your letter also contains many fundamental misunderstandings including the bases on which valuations of businesses and properties in this sector are made. That I have not chosen to address them in this email does not mean that I accept any of the allegations and reserve the right to do so.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>In terms of re-opening the pubs we have plans in place for this to happen. While you - a small number of the shareholders - have stated to me that you do not want this to happen, this is a decision for the board of directors and not the shareholders and we are keeping this under review. While you are not required or entitled to have any say in the management of the companies, the only suggestion you have put forward is for the contract with Harcourt Investments to be terminated and you seem unwilling to discuss anything other than that. I hope I have made it clear both previously and from the above that these Contracts are legally enforceable and so these are not constructive suggestions.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Therefore if you want to meet, which I am happy to do, it needs to be to discuss something other than the Contracts with Harcourt Investments.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>As previously mentioned, I am also trying to secure alternative backing to buy out some of the locations, particularly given your view that they should not reopen (although I reiterate that any decision to open or not is that of the board of directors&rsquo;). I am sure you understand that this is extremely difficult in the current environment but I hope to be able to present something in the next few days.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>I am more than happy to discuss any of the above and given the tone of your correspondence I have copied my solicitor on this e-mail.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James McCulloch</p>\r\n\r\n<p>Managing Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>Tel: 07904910301</p>\r\n\r\n<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>\r\n\r\n<p>Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ</p>', 'advocate', 'SAG - JM communication', 1, '2020-08-14 00:00:00'),
	(35, 274, 'Amalgamation of Management Accounts across pubs, over periods, into single file', 'Amalgamation-of-Management-Accounts-across-pubs-over-periods-into-single-file', '2020-08-15 20:52:45', NULL, NULL, 'advocate', 'Financial Analysis', 1, '2020-08-15 00:00:00'),
	(36, 274, 'Promise to send information (not met)', 'Promise-to-send-information-not-met', '2020-08-15 23:26:52', NULL, '<p><a name="_MailOriginal"><strong>From:</strong></a> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Sent:</strong> 19 May 2020 10:23<br />\r\n<strong>To:</strong> Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;<br />\r\n<strong>Subject:</strong> RE: Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>Steve,</p>\r\n\r\n<p>No problems providing this info.</p>\r\n\r\n<p>This week is the end of our payroll cycle and so we need to work to a fast turnaround deadline to get the furlough submission to HMRC to ensure funds are in the accounts by the end of the month to meet payday on 29th May so this Fri is unrealistic.</p>\r\n\r\n<p>I will provide all info requested plus 12 month PL and cash flow forecasts for each pub by Fri 29th May.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 18 May 2020 17:33<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Please can you share with me the following for all the pubs:-</p>\r\n\r\n<ul>\r\n	<li>Management accounts/full financials for 2019 and previous years\r\n	<ul style="list-style-type:circle">\r\n		<li>P&amp;L, balance sheet</li>\r\n		<li>Break-out of any creditors including aged payables and any finance arrangements such as long/short term loans, over-drafts etc</li>\r\n		<li>Break-out of any capital holidays or leniency on covenants</li>\r\n	</ul>\r\n	</li>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not.</li>\r\n		<li>Are management fees to Harcourt being paid?</li>\r\n		<li>Are operational fees being paid?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris</li>\r\n	</ul>\r\n	</li>\r\n	<li>Any other material information that are pertinent to a valuation</li>\r\n	<li>All material contracts</li>\r\n</ul>\r\n\r\n<p>Our intention is to disseminate the data to investors equally/simultaneously (in those pubs that they are invested in). I hope you will be able to assist us in locating those investors we haven&rsquo;t been able to contact.</p>\r\n\r\n<p>There is an investor-zoom call this Friday. Please can I have this information in advance of that meeting (by Thursday CoB latest) so we can have had some time to analyse them before the call on Friday.</p>\r\n\r\n<p>Thanks</p>\r\n\r\n<p>Steve</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-05-19 00:00:00'),
	(37, 274, 'Email chain - Further broken promises around meeting dates (denying 7 July for date to share exit proposal)', 'Email-chain-Further-broken-promises-around-meeting-dates-denying-7-July-for-date-to-share-exit-proposal', '2020-08-16 00:05:27', NULL, '<p><a name="_MailOriginal"><strong>From:</strong></a> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Sent:</strong> 30 June 2020 10:22<br />\r\n<strong>To:</strong> Rachel Rossiter &lt;rachel@harcourtinns.co.uk&gt;; Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;<br />\r\n<strong>Cc:</strong> &#39;John Soden&#39; &lt;soden.j@gmail.com&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>Dear All,</p>\r\n\r\n<p>I haven&rsquo;t agreed to provide the restructuring proposal by this Saturday.</p>\r\n\r\n<p>Indeed I need to focus on this as its mission critical for all stakeholders and so the more interaction I have with shareholders will only slow this piece of work down.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 30 June 2020 10:15<br />\r\n<strong>To:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;; James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Hi Stephen</p>\r\n\r\n<p>Email received, thank you.&nbsp;&nbsp; Noted on your correction of the dates.</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 33372 characters]" style="height:168px; width:624px" /></p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 30 June 2020 10:02<br />\r\n<strong>To:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;; James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel,</p>\r\n\r\n<p>Thank you for email and the information about furlough and fees &ndash; that is very helpful. &nbsp;Much appreciated.</p>\r\n\r\n<p>I would like to correct a misunderstanding about the request for management accounts -&nbsp; the original request on the 18thMay does mention all management accounts for previous years &ndash; the email chain, including James reply that he would provide by 29th May is attached below.</p>\r\n\r\n<p>This request was also reiterated on the call with James on the 12th June, along with the request for all the loan documentation and James agreed to provide them immediately.&nbsp;&nbsp;&nbsp;</p>\r\n\r\n<p>We would appreciate you making the request for investor information your priority. &nbsp;&nbsp;If we are reviewing the exit offer on Saturday, providing the data on Friday is insufficient time for us to analyse and syndicate to all the other investors.&nbsp;</p>\r\n\r\n<p>Kind rgds</p>\r\n\r\n<p>Stephen</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 29 June 2020 19:07<br />\r\n<strong>To:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;; James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Hi Stephen</p>\r\n\r\n<p>Hope you had a nice weekend.</p>\r\n\r\n<p>Regarding the management accounts for 2019 year, as previously mentioned, this was not in the original document request, it only stated statutory accounts which has been supplied.&nbsp; So the below is a new request received 18th May.&nbsp; I will endeavour to have those across to you by the end of this week.</p>\r\n\r\n<p>Regarding the loan information, you have the majority of that already provided last week but I will build on that report to added any additional information you&rsquo;ve requested and then send that across this week also.</p>\r\n\r\n<ul>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not. &nbsp;All PAYE staff have been furloughed. &nbsp;In addition to furlough, Henry is receiving a top up of &pound;1,800 per month covered by us for the work that has been ongoing during lockdown to reset for reopening.&nbsp; We&rsquo;re paying all staff this month and also for July, a 20% top up which is a company liability, for holiday pay entitlement,&nbsp;5 days this month and 5 days next month, to cover the holiday accrued whilst on furlough.&nbsp; Therefore utilising the government 80% as allowable under furlough rules, to ensure when we re-open, all holiday accrued has been paid out and we don&rsquo;t reopen with large holiday accruals for people to then take.</li>\r\n		<li>Are management fees to Harcourt being paid? &nbsp;No, all monthly retainer amounts are being accrued for but not paid since December2019, except a small payment of &pound;10k as a contribution towards accruing fees .</li>\r\n		<li>Are operational fees being paid?&nbsp; Do you mean head office operational fee?&nbsp; If so, then no.&nbsp; The only payments going out for any pub whilst closed is insurance, alarm systems, nominal cost to the payroll company of &pound;70-&pound;80 per month, broadband fixed fees, all our other contracted service providers have given us on a contract holiday for three months.&nbsp; As well, we have been making nominal amounts to food and beverage suppliers to cover pre-existing liabilities on the payables ledger, under payment plan agreements.</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris&nbsp; Henry is on a standard Harcourt Inns employment contract, via PAYE, of &pound;125k pa</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>Be back in touch at the end of the week with the remaining information.</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&lt;image001.png&gt;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 29 June 2020 09:01<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;; John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Subject:</strong> Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Following on from John&rsquo;s email this morning, please can you complete the request for information &nbsp;promised a month ago. I believe &nbsp;the items highlighted in blue/yellow I think are still outstanding - but please accept my apologies if I have missed an email &ndash; there are literally hundreds on Harcourt-related emails at the moment.</p>\r\n\r\n<p>So we can move forward as fast as possible &ndash; knowing that we will be reviewing the exit offer details this Saturday -please don&rsquo;t wait until you have all the details to reply but send them as you go.&nbsp; Please prioritise the yellow ones first.</p>\r\n\r\n<p>For the loans please can you provide, as well as the documentation (in due course), the following specifics :</p>\r\n\r\n<ul>\r\n	<li>Relevant pub</li>\r\n	<li>Lender</li>\r\n	<li>Security terms/guarantees</li>\r\n	<li>Notional and any repayment schedule</li>\r\n	<li>Interest rate (and any schedule if it varies over time)</li>\r\n	<li>Early repayment terms (fees etc)</li>\r\n	<li>Any of other information required to model the payments over the &nbsp;life of the loan</li>\r\n	<li>Any fees paid/accrued/accruing</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Hopefully all this information is readily available and I look forward to working through the details with you and Rachel.</p>\r\n\r\n<p>Kind rgds,</p>\r\n\r\n<p>Stephen (on behalf of investor group)</p>\r\n\r\n<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 19 May 2020 10:23<br />\r\n<strong>To:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Steve,</p>\r\n\r\n<p>No problems providing this info.</p>\r\n\r\n<p>This week is the end of our payroll cycle and so we need to work to a fast turnaround deadline to get the furlough submission to HMRC to ensure funds are in the accounts by the end of the month to meet payday on 29th May so this Fri is unrealistic.</p>\r\n\r\n<p><strong>I will provide all info requested plus 12 month PL and cash flow forecasts for each pub by Fri 29th May.</strong></p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 18 May 2020 17:33<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Please can you share with me the following for all the pubs:-</p>\r\n\r\n<ul>\r\n	<li>Management accounts/full financials for 2019 and <strong>previous years</strong>\r\n\r\n	<ul style="list-style-type:circle">\r\n		<li>P&amp;L, balance sheet</li>\r\n		<li>Break-out of any creditors including aged payables and any finance arrangements such as long/short term loans, over-drafts etc</li>\r\n		<li>Break-out of any capital holidays or leniency on covenants</li>\r\n	</ul>\r\n	</li>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not.</li>\r\n		<li>Are management fees to Harcourt being paid?</li>\r\n		<li>Are operational fees being paid?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris</li>\r\n	</ul>\r\n	</li>\r\n	<li>Any other material information that are pertinent to a valuation</li>\r\n	<li>All material contracts</li>\r\n</ul>\r\n\r\n<p>Our intention is to disseminate the data to investors equally/simultaneously (in those pubs that they are invested in). I hope you will be able to assist us in locating those investors we haven&rsquo;t been able to contact.</p>\r\n\r\n<p>There is an investor-zoom call this Friday. Please can I have this information in advance of that meeting (by Thursday CoB latest) so we can have had some time to analyse them before the call on Friday.</p>\r\n\r\n<p>Thanks</p>\r\n\r\n<p>Steve</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-30 00:00:00'),
	(38, 274, 'Email chain with update of valuation details.', 'Email-chain-with-update-of-valuation-details', '2020-08-16 00:09:52', NULL, '<p><a name="_MailEndCompose"></a></p>\r\n\r\n<p><strong>From:</strong> Nicholas Curtis &lt;n.curtis123@btinternet.com&gt;<br />\r\n<strong>Sent:</strong> 15 July 2020 16:51<br />\r\n<strong>To:</strong> Shane Gallwey &lt;shane.gallwey@guinnessfunds.com&gt;<br />\r\n<strong>Cc:</strong> nurse_stephen@hotmail.com; Alistair Higgins &lt;Alistair.higgins@gmail.com&gt;; Denis Shafranik &lt;denis@ermakgroup.com&gt;; John Soden &lt;soden.j@gmail.com&gt;; Nick Stockdale &lt;nicholasstockdale@googlemail.com&gt;; parkhouse87@btinternet.com; Stephen.Phillips@templebright.com; Steven Partridge &lt;sjpmhh@gmail.com&gt;; Bridget Hallahane &lt;Bridget.Hallahane@guinnessfunds.com&gt;<br />\r\n<strong>Subject:</strong> Re: Investor website: KPH (Barts) - Guinness Asset Management Limited</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear Shane</p>\r\n\r\n<p>Thanks for your email. &nbsp;Yes, you are correct that the valuation is &pound;4.8m not &pound;4.0m - but the equity is still worthless at this valuation.</p>\r\n\r\n<p>We agree with you that previous trading has been poor and that other pubs in the area may well have substantially higher turnover. &nbsp;Our concern, however, is that the KPH won&rsquo;t have a chance to prove its&#39; worth unless you can fund the initial trading losses and/or mothballing before a return to normality. &nbsp; If you cannot plug the cash hole, the KPH is very likely to be put up for sale by Downing and equity investors will be wiped out.</p>\r\n\r\n<p>The current cash balance and a &pound;50k bounce back loan ( if it is received), in our view, will be unlikely to cover off the start up trading losses.</p>\r\n\r\n<p>On the other pubs we are replacing McCulloch and Harris with new directors (hopefully and confidentially from Ducalian). &nbsp;I think you can assume that McC and H. will not come up with a proposal on the KPH so it is Guinness in charge and you have to come up with a funding strategy.</p>\r\n\r\n<p>If (as we have discussed) Guinness cannot come up with a cash injection/ loan, the other shareholders may have to be asked to undertake an emergency rights issue. &nbsp;On the current valuation the company is not worth much more than option value and therefore, I can not see the other 40% of shareholders being very enthusiastic about putting more cash in. &nbsp; At very least, any rights issue will be highly dilutive to existing shareholders. &nbsp;All accrued management fees to both Harcourt Investments and Guinness are very likely to have to be written off.</p>\r\n\r\n<p>On this note we are working on a case against McC and Harris to show that they are not due their fees under the management contract as they have failed to manage the companies correctly/ not supplied information and misled investors. &nbsp;If you have any examples of this - please can you let us know.</p>\r\n\r\n<p>As soon as we get the proposal from Ducalian, we will share it with you. &nbsp; We will then have to work with them to develop a business plan for the KPH. &nbsp;We will have to model the cash flow in a low case scenario and show that the KPH has the resources to trade. &nbsp;No new director will wish to take on the liability / reputation risk of being linked to a company that will run out of cash and be put through an insolvency process.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>We intend to write to all the [250] shareholders in the other 5 pubs, in the next two weeks, so I suggest we do the same for the KPH. &nbsp;You need to consider how you are going to manage the Downing loan (that I understand ends in Oct this year). &nbsp; I assume that Downing will have to sign off on any business plan that we put forward.</p>\r\n\r\n<p>Whilst there could be equity upside in the KPH, &nbsp;we have some very seasoned workout specialists amongst our shareholders who doubt that a rescue can be pulled together in the time available.</p>\r\n\r\n<p>We will let you know the time of the next zoom call, but I thought it best if we were a little more direct on what we think of the prospects for the KPH.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kr Nick</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>On 15 Jul 2020, at 09:29, Shane Gallwey &lt;<a href="mailto:shane.gallwey@guinnessfunds.com">shane.gallwey@guinnessfunds.com</a>&gt; wrote:</p>\r\n\r\n<p>Many thanks for your email Stephen, and for providing access to the website.</p>\r\n\r\n<p>I share your concerns and would be grateful if you could add me to your calls.&nbsp; James McCulloch has not been providing me with sufficient information, and I had not seen the valuation report.</p>\r\n\r\n<p>Having now reviewed the Barts Pub valuation I have some observations:&nbsp;</p>\r\n\r\n<ul>\r\n	<li>The Fleuret report puts a valuation of &pound;4.8m on the KPH (not &pound;4m below).&nbsp;</li>\r\n	<li>This appears to be based on 9 months trading history from June 2019 to March 2020, the initial trading period over which the pub was not trading at capacity, and takes a discount to this to reflect current market conditions.&nbsp;</li>\r\n	<li>I believe that The Elgin across the road from The KPH has a substantially higher turnover</li>\r\n	<li>I envisage that the value of The KPH would be somewhere between the &pound;4.8m in the Fleuret&rsquo;s report and the &pound;8m+ book value of assets.</li>\r\n</ul>\r\n\r\n<p>I look forward to speaking further on this</p>\r\n\r\n<p>Best wishes</p>\r\n\r\n<p>Shane</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 14 July 2020 11:17<br />\r\n<strong>To:</strong> Shane Gallwey &lt;<a href="mailto:shane.gallwey@guinnessfunds.com">shane.gallwey@guinnessfunds.com</a>&gt;<br />\r\n<strong>Cc:</strong> Alistair Higgins &lt;<a href="mailto:Alistair.higgins@gmail.com">Alistair.higgins@gmail.com</a>&gt;; Denis Shafranik &lt;<a href="mailto:denis@ermakgroup.com">denis@ermakgroup.com</a>&gt;; &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;; Nicholas Curtis &lt;<a href="mailto:n.curtis123@btinternet.com">n.curtis123@btinternet.com</a>&gt;; Nicholas Stockdale &lt;<a href="mailto:nicholasstockdale@googlemail.com">nicholasstockdale@googlemail.com</a>&gt;; <a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>; Stephen Phillips &lt;<a href="mailto:Stephen.Phillips@templebright.com">Stephen.Phillips@templebright.com</a>&gt;; Steven Partridge &lt;<a href="mailto:sjpmhh@gmail.com">sjpmhh@gmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> FW: Investor website: KPH (Barts) - Guinness Asset Management Limited</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Shane,</p>\r\n\r\n<p>I have given you access to the website including access to the conversations the &ldquo;activist investor&rdquo; team are having with McCulloch directly.&nbsp; It is very concerning around his mis-management.</p>\r\n\r\n<p>By my rough calculations, I think investors in KPH are essentially wiped out. In fact I see them all at -18% , and this ignores any sale transaction costs and carry costs in the intervening time.</p>\r\n\r\n<p>Would you like to be invited to the next &ldquo;activist&rdquo; call.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind rgds</p>\r\n\r\n<p>Stephen</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - GAM', 1, '2020-07-15 00:00:00'),
	(39, 274, 'Launch of SAG team', 'Launch-of-SAG-team', '2020-08-16 00:18:31', NULL, '<p><strong>Dear Harcourt Pub Group Shareholder,</strong></p>\r\n\r\n<p>We write to you as shareholders with investments spread across the six pubs in the Harcourt Pub Group (&lsquo;HPG&rsquo;).&nbsp;</p>\r\n\r\n<p>We have had concerns over a number of years about investor communication, the broader strategy of the HPG and in particular the plans for an exit.</p>\r\n\r\n<p>Over the past 24 months we have held constructive meetings with James McCulloch and now wish to more widely engage with other shareholders on our findings.&nbsp; Our objective is to get wider shareholder support and to work together with management to maximise the value of our investment.</p>\r\n\r\n<p>The discussions that we have been having with the pub management are around the following topics:-</p>\r\n\r\n<ol>\r\n	<li>Investor communication has been very poor and needs to improve.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Whilst progress is being made around the receipt of EIS clearance for the last three pubs, investors have not been updated and this is resulting in tax planning challenges for many investors.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>The split of Ducalian into storage and pub divisions has left the management of the pubs very dependent on a limited number of key individuals.&nbsp;&nbsp;&nbsp; James McCulloch and Henry Harris are the sole directors of the pub companies and neither have corporate finance experience.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>We have collectively invested c.&pound;30m in a series of investments that have little corporate governance.&nbsp; For example, were this to be a VCT there would be non-executive directors monitoring the implementation of the asset management agreement to ensure that the correct fees are being paid, signing off the accounts and agreeing strategy.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Losses appear to be mounting on some of the assets and there is concern about trading performance, in particular as we look to be heading into a rough trading environment with Coronavirus.&nbsp; Investors would have expected more cash to have been accumulating in the asset owning companies.&nbsp;</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>There are concerns about the complexity and cost and therefore profitability of the food offering.&nbsp;</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>&nbsp;The exit strategy is unclear.&nbsp;&nbsp; James is being encouraged by some investors to sell each pub separately.&nbsp;&nbsp; HPG is structured with many central functions.&nbsp; &nbsp;The final pubs sold would incur significant overheads.&nbsp;&nbsp; We believe that an orderly sale will only be possible if all the pub companies work together.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>There could well be conflicts of interest between management and investors around the sale of the pubs and the route to market as either a series of assets or a functioning business.</li>\r\n</ol>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Having identified the potential issues, as a shareholder group we are clear that we need to work constructively with the existing management.</p>\r\n\r\n<p>We are proposing that a Steering Committee of interested shareholders is created to work with management to ensure an orderly exit for shareholders and better communication.&nbsp; This Committee will have no management responsibility nor act as shadow directors.&nbsp; It will, however, be a conduit through which shareholders can be informed and our views expressed.</p>\r\n\r\n<p>Areas that the Steering Committee may consider looking at are as follows:-</p>\r\n\r\n<ol>\r\n	<li>Sending a representative to meeting with Philip Hare and Associates about the delay in getting EIS clearance</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Requesting that an appropriate consultant report to shareholders on the management of the pubs and why profitability is so low</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Entering into discussions with Guinness Asset Management who are the dominant shareholder in KPH to see if they wish to be part of a wider exist strategy</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Reviewing the implementation of the asset management agreement</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>Working with management on the exit strategy</li>\r\n</ol>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Decisions to sell any pub will need to be voted on by the respective pub company shareholders.&nbsp; This will require a simple majority of shareholders <strong>that vote</strong> to decide.&nbsp;&nbsp; Given the general lack of shareholder engagement in similar investments, it is possible that dysfunctional decisions to sell assets may be taken by minority shareholders.&nbsp; We believe it is in the interests of all parties to avoid a disorderly exit.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;We have concluded that requesting shareholder representation on boards at this stage is not practical or necessary.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The purpose of this letter is to get your feed back on the issues outlined above and whether you would support the formation of a Steering Committee to represent shareholders.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>If you are supportive and would like to remain in contact please contact us on <a href="mailto:harcourtpubshareholders@gmail.com">harcourtpubshareholders@gmail.com</a></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>If you would like to put your name forward to be on the Steering Committee we would also be interested to hear from you.&nbsp; In particular, we are looking for individuals in the hospitality sectors.&nbsp; There will be no remuneration.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Yours sincerely,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Note:&nbsp; The numbers after our names represent our investements in each pub to the nearest &pound;&rsquo;000</p>', 'advocate', 'SAG - JM communication', 1, '2020-05-15 00:00:00'),
	(40, 274, 'Exit strategy for Sansar and JM', 'Exit-strategy-for-Sansar-and-JM', '2020-08-16 00:37:45', NULL, '<p>Hi Steve,</p>\r\n\r\n<p>See the attached docs,</p>\r\n\r\n<p>I don&rsquo;t have the signed versions to hand but I am fairly sure these are the same.</p>\r\n\r\n<p>The investment management agreement is between Harcourt Investments (was Ducalian and was novated at the split) and The Harcourt Pub Ltd, and the Sansar operations agreement is between Sansar and The Harcourt Pub Ltd. &nbsp;</p>\r\n\r\n<p>If you look at the investment management agreement, in the schedule of services, I think you could serve notice on two points. 1, the development and operational performance monitoring and 2, the annual and bi-annual reporting. As mentioned on the phone, this has to be served in the right formal process but he will have 30 days to remedy the breach. You requested quite a lot of information some time ago so this might have eaten into the 30 days &ndash; advice will be needed on this point &ndash; and the majority of the information hasn&rsquo;t been forthcoming, you could up the request for management accounts for the last three years, filed accounts etc &ndash; I don&rsquo;t think these have ever been sent &ndash; and all the information you previously asked for.</p>\r\n\r\n<p>Moving on from that there will be three other points as I see it:</p>\r\n\r\n<ol>\r\n	<li>Terminating the Sansar contract</li>\r\n	<li>Terminating the Harcourt Inns operations contract</li>\r\n	<li>Removing James as a director</li>\r\n</ol>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ol>\r\n	<li>Looking through the contract attached, I think 8.4 could be relevant:</li>\r\n</ol>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ol>\r\n	<li>\r\n	<ol>\r\n		<li>Notwithstanding any other provision in this agreement, Harcourt may terminate this agreement on giving to Sansar not less than one month&#39;s notice in circumstances where Sansar:</li>\r\n	</ol>\r\n	</li>\r\n</ol>\r\n\r\n<h3>8.4.1ceases to provide the whole or a material part of the Services;</h3>\r\n\r\n<p>I believe they have breached this as there has been very little operational involvement from Sansar. Even with the opportunity to remedy this, I don&rsquo;t believe they would do it. There may also be an angle to attack other points in the contract to reach an agreement to terminate the contract.</p>\r\n\r\n<ol>\r\n	<li>I believe there may be a new contract put in place after the split (the &lsquo;head office costs&rsquo; you see in the forecast P&amp;Ls). As mentioned on the phone this may be able to be nullified due to a possible conflict of interest - legal advice is needed on this. At any rate, once control of the management is in place it is easier to manage an operations agreement and hold people/entities accountable.</li>\r\n</ol>\r\n\r\n<ol>\r\n	<li>There could be a general meeting held to propose a resolution to remove James from office &ndash; but there are special rules about how that would need to take place which would need to be followed, but it could be done.&nbsp; I&rsquo;m not sure if it would be better to have James in office when attacking point 2, again legal advice would be needed to get the timings right.</li>\r\n</ol>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Best regards,</p>\r\n\r\n<p>Robert Cherry</p>\r\n\r\n<p>Ducalian Capital</p>', 'advocate', 'SAG - Ducalian', 1, '2020-06-06 00:00:00'),
	(41, 274, 'JM delaying tactics - a month to get a meeting', 'JM-delaying-tactics-a-month-to-get-a-meeting', '2020-08-16 00:42:10', NULL, '<p><strong>From:</strong> John Soden &lt;soden.j@gmail.com&gt;<br />\r\n<strong>Sent:</strong> 08 June 2020 12:06<br />\r\n<strong>To:</strong> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Cc:</strong> Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;<br />\r\n<strong>Subject:</strong> Re: Formal letter - Harcourt -URGENT</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear James,</p>\r\n\r\n<p>&nbsp;The information is important and many people have been asking you for it but it is too long to wait for a meeting. Time is of the essence, especially with Government reports about re-opening pubs in the near future.&nbsp;</p>\r\n\r\n<p>&nbsp;Stephen and I are available for a meeting on Wednesday, 10th &nbsp;or Friday 12th in the morning before 12. Please confirm your availability and we can agree where/how we meet.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Sent from my iPad</p>\r\n\r\n<p><br />\r\n&nbsp;</p>\r\n\r\n<p>On 5 Jun 2020, at 17:03, James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt; wrote:</p>\r\n\r\n<p>﻿</p>\r\n\r\n<p>Dear John,</p>\r\n\r\n<p>Sorry for the delay in giving you a more definitive deadline to providing the information as this week has been very busy and I haven&rsquo;t fully had a chance to consider your request until the last 24 hrs.&nbsp;</p>\r\n\r\n<p>Having spoken to Rachel (FD) I think a realistic timeframe to deliver a detailed response would be Wed 17th June.&nbsp;</p>\r\n\r\n<p>We can then arrange a meeting either the following week (22nd) or the week of 29th.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Get <a href="https://aka.ms/o0ukef">Outlook for iOS</a></p>', 'advocate', 'SAG - JM communication', 1, '2020-06-05 00:00:00'),
	(42, 274, 'Removal of a director', 'Removal-of-a-director', '2020-08-16 00:48:21', NULL, '<p>Hi Stephen</p>\r\n\r\n<p>Here is the follow up email from the lawyers outlining the process. However, depending on what the aim is it might need to be a different process. We can discuss tomorrow,</p>\r\n\r\n<p>--------&nbsp;</p>\r\n\r\n<p>Thank you for your email to Alex yesterday. By way of follow-up to your call with her earlier, I have set out the key points and processes below for removal of a director.&nbsp; Alex will send you a separate email as well.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ul>\r\n	<li>Where there is no agreement between the board and the director as to the removal, the members of the company have the right to remove a director by passing an ordinary (50% or more majority) resolution (as Alex mentioned, this is on a show of hands with one vote per shareholder, but if a poll is demanded it would be on the basis of the number of shares held). This is effective regardless of any service agreement between the company and the director.</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>However, a valid removal process does not prevent a breach of contract claim being brought by the director if the removal is in direct opposition to their service contract, so some care should be taken to check the terms of the contract.</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>A director who is being removed has the right to be heard on the removal resolution at the general meeting, and may make written representations prior to the meeting. Additionally, the resolution may not be passed as a written resolution, a meeting must be held.</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>We assume there remain no shareholders agreements in place which may have any special rights associated with voting.</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ul>\r\n	<li>The steps required by the Companies Act are as follows:</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>The members of the company can require the directors to hold a general meeting. The directors will be obliged to call the meeting once they receive requests from members representing at least 5% of the paid-up voting share capital of the company. This can come from a single member who holds the necessary 5%, but where companies have some non-voting shares or partly paid shares the calculation should be done carefully to make sure the threshold is met;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>The members must forward a request for a meeting to the directors. The request needs to include the general nature of the business &ndash; in this case it must contain a special notice of the resolution to remove a director. It can also include the wording of the resolutions being proposed.</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>The request can be in hard form or electronic, and should be authenticated by those making it. It is also best practice for members to send the request by a method that confirms receipt (such as recorded delivery), as this can avoid complications or disputes around when a request was received;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>A copy of the special notice and any proposed resolution should be sent to the director immediately on its receipt by the company;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>The directors will need to hold a board meeting to convene a general meeting. This should be done without delay, the general meeting needs to be convened (i.e. notice should be circulated) within 21 days of the threshold for member&#39;s requests being passed (details above);</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>Notice of the general meeting should be circulated to members, and the meeting itself must be within 28 days of the notice;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>Notice should be sent from the Company to the director informing them of the special notice, notifying them of their rights and of the date for the general meeting;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>If written representations are received from the director in advance of the meeting, they should be circulated to members;</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>Resolution to remove the director can pass with a simple majority at the general meeting, and the director can make representations if they chose to. The meeting should be minuted.</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<ul>\r\n	<li>\r\n	<ul style="list-style-type:circle">\r\n		<li>File companies house forms within 14 days and update registers/statutory books.</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>I hope this helps to clarify the process, if you would like us to assist with preparing documents for any of the companies do please let us know.</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - Ducalian', 1, '2020-06-08 00:00:00'),
	(43, 274, 'Delete', 'Delete', '2020-08-16 01:04:43', NULL, NULL, 'advocate', 'SAG - JM communication', 1, NULL),
	(44, 274, 'Re-opening etc', 'Re-opening-etc', '2020-08-16 01:04:43', NULL, '<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Date:</strong> 17 June 2020 at 22:19:04 BST<br />\r\n<strong>To:</strong> John Soden &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> <strong>Reflections</strong></p>\r\n\r\n<p>﻿ Dear John,</p>\r\n\r\n<p>There will be a series of emails with attachments coming your way. On a separate note following our call last week I thought I should provide some reflections on what was discussed;</p>\r\n\r\n<p><strong>&nbsp;Valuations / open market sales</strong> &ndash; although formal valuations are being instructed its important to manage expectations now. It was mentioned on the call that there is appetite from shareholders in Harcourt Pub Ltd that an open market sales process is carried out. Speaking to agents at Savills, Fleurets and AG&amp;G there isn&rsquo;t a market right now nor is there expected to be one in the short term.</p>\r\n\r\n<p>Savills valued the Harcourt prior to COVID-19 at &pound;3.05m and Fleurets valued the Harcourt post COVID-19 at &pound;2.2m with a &ldquo;fire sale&rdquo; value of &pound;1.8m.</p>\r\n\r\n<p><strong>Reopening in 2020</strong> &ndash; whilst I agree that we need to make a decision on &lsquo;if and when&rsquo; each pub reopens in 2020 based on forecasts (taking into account any customer and employee goodwill lost if pubs don&rsquo;t reopen in 2020) we need to come up with a robust plan for the banks/lenders as they have already started asking about plans regarding reopening, refinancing, restructuring or recapitalisation. Simply saying the pubs wont reopen for 2020 will not be sufficient for lenders.</p>\r\n\r\n<p>We also need to consider the implications of making all staff redundant and then rehiring six months later. It&rsquo;s not as binary as suggested on the call as quality employees are hard to find even in a stronger recruitment market and that&rsquo;s before you look at training and integrating new employees into the pubs and the costs associated.&nbsp;</p>\r\n\r\n<p><strong>Global solution</strong>&nbsp; - It&rsquo;s important that we look at the portfolio as a whole as any solutions may well enhance value as a portfolio and it&rsquo;s also important that we ensure central costs remain sustainable for all pubs. You touch upon central costs in your letter and its very important for the sustainability of all the pubs in the short term to medium term that a viable solution is found. &nbsp;&nbsp;</p>\r\n\r\n<p>Rachel cannot make a call on Fri and in fact I have devoted much of this week to providing the information you requested and so I need to spend the next 48 hours focusing on reopening plans and forecasts &ndash; which will naturally be circulated as promised.</p>\r\n\r\n<p>I suggest a call either Tues, Wed or Thurs mornings next week.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James McCulloch</p>\r\n\r\n<p>Managing Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>Tel: 07904910301</p>\r\n\r\n<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>\r\n\r\n<p>Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 108780 characters]" style="height:153px; width:811px" /></p>', 'advocate', 'SAG - JM communication', 1, '2020-06-17 00:00:00'),
	(45, 274, 'EIS thoughts (Steve Partridge)x', 'EIS-thoughts-Steve-Partridge-x', '2020-08-16 01:13:24', NULL, '<p>Dear all,</p>\r\n\r\n<p>During our call earlier, I undertook to look at how the EIS rules might impact some of the options&nbsp;we considered.&nbsp; &nbsp;I have duly waded through part 5 ITA 2007, over 100 sections, which comprise the EIS rule book as regards income tax.&nbsp; I also had a brief skirmish with part 4 chapter 6 of the same act, which deals with income tax relief for&nbsp;capital&nbsp;losses on the sale of shares in unquoted trading companies.</p>\r\n\r\n<p>Key points emerging:</p>\r\n\r\n<p>We can be directors, but in broad terms cannot get paid for it.&nbsp; I don&#39;t think it matter where&nbsp;we have one person or six fulfilling this role (at least, not from&nbsp;a tax or HMRC perception point of view).</p>\r\n\r\n<p>The three year period, essentially in our case starting&nbsp;from date of share issue, is crucial&nbsp;to many things, including</p>\r\n\r\n<ul>\r\n	<li>any money (or value) we get back in this period reduces the initial&nbsp;EIS tax relief&nbsp;pretty much &pound; for &pound;.&nbsp; It doesn&#39;t really matter through what means&nbsp;(share sale, liquidation, dividend etc) we get it.&nbsp;</li>\r\n	<li>administration/winding up does not necessarily&nbsp;invalidate EIS if it is commercially driven, but note comment above re value being obtained.</li>\r\n	<li>so on administration/winding up, we could&nbsp;set up a newco to acquire the pub assets ourselves</li>\r\n	<li>but, the pub &quot;trade&quot; can only be carried on by the original&nbsp;company and not by any successor party., eg our newco could not continue the trading activity during the balance of the three year period (unless ownership was sufficiently different that transferor and successor were not under common control).</li>\r\n</ul>\r\n\r\n<p>If we lose all or some of our initial EIS relief, or fail to get it at all eg Hero, and in due course dispose of our shares at a loss, the lack/withdrawal of EIS will not prevent us claiming income tax relief for that loss.&nbsp; Provided the various qualifying conditions are met (and I would think they are likely to be) income tax relief is still available.&nbsp;</p>\r\n\r\n<p>All this legislation is written in a special, impenetrable form of the English language understandable by virtually no-one, so if we find ourselves pushing the boundaries in due course eg by selling the pubs to ourselves, we&#39;ll most likely want to sense check our exact plans with leading advisers that work in the EIS arena.&nbsp; (I and others amongst the investors are well connected here).</p>\r\n\r\n<p>If anyone wants to ask specific EIS questions of me esp having read this, please go ahead and I&#39;ll attempt to answer.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'EIS', 1, '2020-06-22 00:00:00'),
	(46, 274, 'Agenda for call on 24 June (sent JM 22 June)', 'Agenda-for-call-on-24-June-sent-JM-22-June', '2020-08-16 01:14:35', NULL, '<p>ZOOM MEETING 10am 24 JUNE</p>\r\n\r\n<p>AGENDA/INFORMATION TO BE COVERED</p>\r\n\r\n<ul>\r\n	<li>Current cash position for each pub and bank debt, upcoming repayment dates. Current position/dialogue with bank (as appropriate).</li>\r\n	<li>Immediate liquidity threats to any pub? Proposal for dealing with it.</li>\r\n	<li>What is the current proposal on re-opening?\r\n	<ul style="list-style-type:circle">\r\n		<li>Which pubs?</li>\r\n		<li>Which date?</li>\r\n		<li>Business case for re-opening - break-even level of revenue on a cash basis assuming 1 mtr social distancing and confidence level?</li>\r\n		<li>Key suppliers/sensitivities which could undermine ability to re-open?</li>\r\n		<li>Position re furloughed staff?</li>\r\n		<li>Sufficiency of cash balances /working capital to fund operations?</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<ul>\r\n	<li>Proposal for those pubs that cannot be re-opened in the short-term\r\n	<ul style="list-style-type:circle">\r\n		<li>Cash position and forecast essential payments while mothballed</li>\r\n		<li>Current dialogue/position with bank as appropriate.</li>\r\n		<li>Intentions regarding furloughed staff. Need to issue redundancy notices and if so when?</li>\r\n		<li>Other steps necessary to protect shareholder value</li>\r\n	</ul>\r\n	</li>\r\n	<li>Valuations for the Harcourt and Three Cranes (which are unlikely to re-open)</li>\r\n	<li>Valuation for the Coach</li>\r\n	<li>EIS &ndash; latest status with HMRC and intended follow up</li>\r\n	<li>Other proposals/issues?</li>\r\n</ul>', 'advocate', 'SAG - JM communication', 1, '2020-06-22 00:00:00'),
	(47, 274, 'Communciation stream re asking for details.  Delays etc', 'Communciation-stream-re-asking-for-details-Delays-etc', '2020-08-16 01:27:55', NULL, '<p>&nbsp;</p>\r\n\r\n<p><a name="_MailOriginal"><strong>From:</strong></a> Rachel Rossiter &lt;rachel@harcourtinns.co.uk&gt;<br />\r\n<strong>Sent:</strong> 30 June 2020 10:15<br />\r\n<strong>To:</strong> Stephen Nurse &lt;nurse_stephen@hotmail.com&gt;; James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Cc:</strong> &#39;John Soden&#39; &lt;soden.j@gmail.com&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Hi Stephen</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Email received, thank you.&nbsp;&nbsp; Noted on your correction of the dates.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 33372 characters]" style="height:168px; width:624px" /></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 30 June 2020 10:02<br />\r\n<strong>To:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;; James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> &#39;John Soden&#39; &lt;<a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel,</p>\r\n\r\n<p>Thank you for email and the information about furlough and fees &ndash; that is very helpful. &nbsp;Much appreciated.</p>\r\n\r\n<p>I would like to correct a misunderstanding about the request for management accounts -&nbsp; the original request on the 18thMay does mention all management accounts for previous years &ndash; the email chain, including James reply that he would provide by 29th May is attached below.</p>\r\n\r\n<p>This request was also reiterated on the call with James on the 12th June, along with the request for all the loan documentation and James agreed to provide them immediately.&nbsp;&nbsp;&nbsp;</p>\r\n\r\n<p>We would appreciate you making the request for investor information your priority. &nbsp;&nbsp;If we are reviewing the exit offer on Saturday, providing the data on Friday is insufficient time for us to analyse and syndicate to all the other investors. &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind rgds</p>\r\n\r\n<p>Stephen</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 29 June 2020 19:07<br />\r\n<strong>To:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;; James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>Hi Stephen</p>\r\n\r\n<p>Hope you had a nice weekend.</p>\r\n\r\n<p>Regarding the management accounts for 2019 year, as previously mentioned, this was not in the original document request, it only stated statutory accounts which has been supplied.&nbsp; So the below is a new request received 18th May.&nbsp; I will endeavour to have those across to you by the end of this week.</p>\r\n\r\n<p>Regarding the loan information, you have the majority of that already provided last week but I will build on that report to added any additional information you&rsquo;ve requested and then send that across this week also.</p>\r\n\r\n<ul>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not. &nbsp;All PAYE staff have been furloughed. &nbsp;In addition to furlough, Henry is receiving a top up of &pound;1,800 per month covered by us for the work that has been ongoing during lockdown to reset for reopening.&nbsp; We&rsquo;re paying all staff this month and also for July, a 20% top up which is a company liability, for holiday pay entitlement,&nbsp;5 days this month and 5 days next month, to cover the holiday accrued whilst on furlough.&nbsp; Therefore utilising the government 80% as allowable under furlough rules, to ensure when we re-open, all holiday accrued has been paid out and we don&rsquo;t reopen with large holiday accruals for people to then take.</li>\r\n		<li>Are management fees to Harcourt being paid? &nbsp;No, all monthly retainer amounts are being accrued for but not paid since December2019, except a small payment of &pound;10k as a contribution towards accruing fees .</li>\r\n		<li>Are operational fees being paid?&nbsp; Do you mean head office operational fee?&nbsp; If so, then no.&nbsp; The only payments going out for any pub whilst closed is insurance, alarm systems, nominal cost to the payroll company of &pound;70-&pound;80 per month, broadband fixed fees, all our other contracted service providers have given us on a contract holiday for three months.&nbsp; As well, we have been making nominal amounts to food and beverage suppliers to cover pre-existing liabilities on the payables ledger, under payment plan agreements.</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris&nbsp; Henry is on a standard Harcourt Inns employment contract, via PAYE, of &pound;125k pa</li>\r\n	</ul>\r\n	</li>\r\n</ul>\r\n\r\n<p>Be back in touch at the end of the week with the remaining information.</p>\r\n\r\n<p>Kind regards</p>\r\n\r\n<p>Rachel</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Rachel Rossiter</p>\r\n\r\n<p>Group Finance Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>T: 07915 615 930</p>\r\n\r\n<p>E: <a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 29 June 2020 09:01<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Cc:</strong> Rachel Rossiter &lt;<a href="mailto:rachel@harcourtinns.co.uk">rachel@harcourtinns.co.uk</a>&gt;; John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />\r\n<strong>Subject:</strong> Data request (follow-up from May 29 commitment)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Following on from John&rsquo;s email this morning, please can you complete the request for information &nbsp;promised a month ago. I believe &nbsp;the items highlighted in blue/yellow I think are still outstanding - but please accept my apologies if I have missed an email &ndash; there are literally hundreds on Harcourt-related emails at the moment.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>So we can move forward as fast as possible &ndash; knowing that we will be reviewing the exit offer details this Saturday -please don&rsquo;t wait until you have all the details to reply but send them as you go.&nbsp; Please prioritise the yellow ones first.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>For the loans please can you provide, as well as the documentation (in due course), the following specifics :</p>\r\n\r\n<ul>\r\n	<li>Relevant pub</li>\r\n	<li>Lender</li>\r\n	<li>Security terms/guarantees</li>\r\n	<li>Notional and any repayment schedule</li>\r\n	<li>Interest rate (and any schedule if it varies over time)</li>\r\n	<li>Early repayment terms (fees etc)</li>\r\n	<li>Any of other information required to model the payments over the &nbsp;life of the loan</li>\r\n	<li>Any fees paid/accrued/accruing</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Hopefully all this information is readily available and I look forward to working through the details with you and Rachel.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Kind rgds,</p>\r\n\r\n<p>Stephen (on behalf of investor group)</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Sent:</strong> 19 May 2020 10:23<br />\r\n<strong>To:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Subject:</strong> RE: Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Steve,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>No problems providing this info.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>This week is the end of our payroll cycle and so we need to work to a fast turnaround deadline to get the furlough submission to HMRC to ensure funds are in the accounts by the end of the month to meet payday on 29th May so this Fri is unrealistic.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>I will provide all info requested plus 12 month PL and cash flow forecasts for each pub by Fri 29th May.</strong></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James &nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Stephen Nurse &lt;<a href="mailto:nurse_stephen@hotmail.com">nurse_stephen@hotmail.com</a>&gt;<br />\r\n<strong>Sent:</strong> 18 May 2020 17:33<br />\r\n<strong>To:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> Accounts and break-out of PnL for each of the Harcourt pubs.</p>\r\n\r\n<p>James,</p>\r\n\r\n<p>Please can you share with me the following for all the pubs:-</p>\r\n\r\n<ul>\r\n	<li>Management accounts/full financials for 2019 and <strong>previous years</strong>\r\n\r\n	<ul style="list-style-type:circle">\r\n		<li>P&amp;L, balance sheet</li>\r\n		<li>Break-out of any creditors including aged payables and any finance arrangements such as long/short term loans, over-drafts etc</li>\r\n		<li>Break-out of any capital holidays or leniency on covenants</li>\r\n	</ul>\r\n	</li>\r\n	<li>Overview of the response to Covid\r\n	<ul style="list-style-type:circle">\r\n		<li>Which employees are furloughed, which are not.</li>\r\n		<li>Are management fees to Harcourt being paid?</li>\r\n		<li>Are operational fees being paid?</li>\r\n	</ul>\r\n	</li>\r\n	<li>Copy of the operations contract\r\n	<ul style="list-style-type:circle">\r\n		<li>What is the contractual agreement with Henry Harris</li>\r\n	</ul>\r\n	</li>\r\n	<li>Any other material information that are pertinent to a valuation</li>\r\n	<li>All material contracts</li>\r\n</ul>\r\n\r\n<p>Our intention is to disseminate the data to investors equally/simultaneously (in those pubs that they are invested in). I hope you will be able to assist us in locating those investors we haven&rsquo;t been able to contact.</p>\r\n\r\n<p>There is an investor-zoom call this Friday. Please can I have this information in advance of that meeting (by Thursday CoB latest) so we can have had some time to analyse them before the call on Friday.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Thanks</p>\r\n\r\n<p>Steve</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', 'advocate', 'SAG - JM communication', 1, '2020-06-30 00:00:00'),
