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From: David Grier <DGrier@mcr.uk.

com>
Date: 23 August 2011 07:19
Subject: HMRC meeting.
To: "ctw@libertycapital.biz" <ctw@libertycapital.biz>
Cc: "phil.betts@virgin.net" <phil.betts@virgin.net>, "gary.withey@collyerbristow.com"
<gary.withey@collyerbristow.com>, Michael Bills <MBills@mcr.uk.com>


Craig,

Phil attended this meeting yesterday and discussed the current request for a time to pay
arrangement.

A summary of the key points from the meeting are noted below.


1. HMRC will only consider a time to pay in respect of viable businesses and need to understand why
payment in full of c3.0m is not possible.

In particular repeated reference was made to the announcements to shareholders and Stock
Exchange.

In effect HMRC require details of the funds that were set aside and evidence of how these have been
used to support the club and therefore can't now be used to pay HMRC.

2. HMRC require details of the funding used to settle Lloyds and details of third party that have been
pledged to the club in 2012 and are they connected to major shareholder.

3 HMRC require an 400k immediate payment to show goodwill and intent.

4. Detail of player transaction and reasons whe certain assets can't be realised to fund a repayment to
HMRC.

5. Summary warrant expires on Wednesday and then becomes an event of insolvency. HMRC
commented on directors duties and noted that they would take very seriously anyone involved in
trading a business while insolvent.

6. HMRC noted their willingness to find a solution, but would only engage with the club/shareholders
where there is compliance with their requests for information.

7. HMRC asked for confirmation of current relationship with Ticketus and asked about potential
funding from them.

8. We have agreed to provide updated cash flow indicating the base case with no european football
income and a follow up call on Friday.

Phil and I have suggested meeting in London next Wednesday to discuss options but we should also
speak later today to confirm that a payment can be made this week.

Regards,

David
David Grier
Partner
MCR
43 - 45 Portman Square
London W1H 6LY

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