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Committee Meeting

6 March 2021

This meeting was held via Zoom on Saturday, 6 March 2021. No apologies were received. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec.).

Minutes of the previous Zoom meeting were approved, subject to one minor amendment, and previous Action Points agreed as having been dealt with.

‘Between meeting’ activity reported as follows: the Shepherd Neame share purchase approved last time had not in the event been made – trading price considered too high; approved investment in Heavitree still pending; limited success only in the recent McMullen auction; and, most importantly and upon a majority vote of the Committee, CMIC had taken up its full entitlement in the recent M&B placing (£308K).

With encouraging developments generally regarding Covid and lockdown release, the Chairman advised that the date of 17 July had been penciled-in with The Victoria at Beeston for a physical AGM. Agreed, with a reserve date of 28 August also to be penciled in. With reversal still a possibility here, efforts to continue behind-the-scenes planning for another virtual AGM, this time with some member ‘attendance’.

‘Estonia 2021’, still notionally on the stocks for the Autumn, should not now be pursued, but rather rebadged as Estonia 2022, with the continuing goodwill and agreement of its organiser Iain Loe.

James Sharp year end valuation meeting (via Zoom) advised for 25 March.

Chairman advised of efforts on several fronts to talk to potentially interested parties around the subject of a possible ‘Covid recovery fund’ for pubs, including EIS – continuing.

Usual update on investees, in particular Black Sheep and Black Eagle, but also including West Berks, Marston’s, and Shaftesbury.

With the significant M&B investment recently made, there were, in effect, no further funds to invest at this point in time, without disturbing the customary £300K buffer arrangement.

Agreed no new investments to be made, also that an eye be kept on the M&B share price over the next few days, with a view to possibly selling some of the holding, if considered beneficial.