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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>


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 c£3.0m is not possible.

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


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


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.


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