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12th APRIL 2019 UPDATE


COMPANIES HOUSE


I am pleased to report that after extensive correspondence and appeals, we have been successful in our endeavours with Companies House concerning the penalty fines for our late accounts. As a result, the £45,000 fine has been withdrawn and as a consequence the Company will now make a further distribution of £50,000 in April.

In achieving this result, I would particularly like to thank my board colleague, Clifford Halvorsen for his hard work and detailed appeal drafting, as without him, the Company would have had to incur a significant amount of legal time at a substantial cost.



John McLean
Chairman
12th April 2019



4th MARCH 2019 UPDATE


Following my earlier update ( 17th December 2018), Pamela contacted us in February to state that trading was difficult and that she was unable to remit the outstanding balance of £1,250,000. She did however agree to remit £800,000 which was received last week. Accordingly, taking into account the December receipt, we have received £1,050,000 and after discussion with the principal a loan- note holders, a distribution of £900,000 will be made this week.

The outstanding balance of £450,000 is due to be paid by 31st December 2019, the exact timing of which is still to be agreed with Pamela.



John McLean
Chairman
4th March 2019



17th DECEMBER 2018 UPDATE


In early December, Pamela (Feng Bo) contacted the Company to request a deferment of the payment schedule for the £1,500,000 which was due to be paid by 31st December 2018. Following discussions both with her and the principal loan-note holders, agreement was reached whereby the payment date would be extended to 5th February 2019, conditional on £250,000 being paid to the Company by 21st December 2018 as a part payment of the amount due. A telegraphic transfer for £250,000 was made by Pamela on 17th December 2018.

Based on the above and the receipt of £1,250,000, it is our intention to make a further distribution to loan-note holders in February 2019.



John McLean
Chairman
17th December 2018