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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