<p>stephen waite<br />
Mon 10/06/2019 11:00</p>

<p></p>

<p></p>

<p></p>

<p><br />
To: James McCulloch<br />
Thanks James I trust this refinancing has improved our situation and profitability ? Certainly the reservations for the bond went in an exceptionally short period !!<br />
Look forward to your next update on the pubs I have invested in.</p>

<p>Regards&nbsp;<br />
Steve Waite&nbsp;</p>

<p>From: James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
Sent: 05 June 2019 09:45<br />
To: stephen waite<br />
Subject: RE: Maida Vale Leisure Limited<br />
&nbsp;<br />
Hi Stephen,<br />
&nbsp;<br />
The business was under some cash flow pressures since the operational underperformance in the first 6 months (operating expenditure and GP&rsquo;s rather than revenue) but the main reason for the refinance was that we had financial covenants with the previous lender that were at risk of being breached.<br />
&nbsp;<br />
Regards,<br />
James<br />
&nbsp;<br />
From: stephen waite &lt;waitestephen@hotmail.com&gt;&nbsp;<br />
Sent: 29 May 2019 15:15<br />
To: James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
Subject: Re: Maida Vale Leisure Limited<br />
&nbsp;<br />
&nbsp;<br />
Hi James hope the management buy-out is settling down now. I thought I would send you a note as I am registered with Downing Crowd and have invested regularly with them . I notice that a new 2 year fixed rate bond has just come out to finance the bedroom works at Maida Vale and secured on the asset of the pub at a LTV of 37 % .&nbsp;<br />
I don&#39;t recall as a shareholder having any communication on this? although clearly this is not a shareholder issue, but &nbsp;my main question is was this planned or is our cashflow predictions awry? due to trading underperformance .<br />
&nbsp;<br />
All the best&nbsp;</p>