<p>And John&#39;s next steps.....</p>

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<p>Dear all,</p>

<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>

<p>&nbsp;</p>

<p>Directors:</p>

<p>1. Negotiate terms with Cherry/Hancock - establish if acceptable. Draft HOTs.</p>

<p>2. Get GAMs agreement to them for KPH. Ask them if they have nominees if we need plan B?</p>

<p>3. Need a pub expert as well?</p>

<p>4. Draw up contract - get them to draft?</p>

<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>

<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>

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<p>Harcourt</p>

<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>

<p>- valuation will be important to ensure there is a good value buffer available - Due on Friday</p>

<p>- Need plan for dealing with Endean to ensure he doesn&rsquo;t petition for winding up and jeopardise new funding</p>

<p>- initial a fast track sale process once we have strategy paper from Gooderham</p>

<p>&nbsp;</p>

<p>EIS</p>

<p>- KPH and Hero info only recently went in to HMRC. Need new approach to HMRC?</p>

<p>-establish if we can/should continue with Philip Hare</p>

<p>- ensure whatever we do does not make EIS position any worse or create clawback risk</p>

<p>- establish realisation high and low case for each pub to assist developing strategy and approach.</p>

<p>- Ensure communication to shareholders is always pub by pub and not as a group to avoid creating new potential control issues?</p>

<p>&nbsp;</p>

<p>Contacting and informing shareholders</p>

<p>- draft background and status report now. There should be generic paras In each but the communication must be pub by pub?</p>

<p>- when contact? Only when new directors identified and JM gone or earlier?</p>

<p>- contact Harcourt investors now?</p>

<p>&nbsp;</p>