<p>Attached is the IM for the Sale and Leaseback arrangement for 4 pubs.&nbsp;</p>

<p>&nbsp;</p>

<p>Some observations from the material.</p>

<ul>
	<li>James continues to refer to a &quot;pub group&quot;.&nbsp; P9 - &quot;Harcourt Inns is an Award winning London-focused pub, dining and hotel <strong>group. &quot;</strong></li>
	<li>He notes that the guide price (which is the price he is offering to buy in the Mike Smith offer) is &quot;significantly below vacant possession value&quot; and &quot;significantly below site assembly cost&quot;</li>
	<li>He is seeking &pound;10m, for a lease of &pound;295k per annum, indexed linked, collared 1-4%</li>
</ul>