Dear Shareholder

You are receiving this email because you are presumed to be a shareholder of M1NT Shanghai.

The purpose of this email is to inform you of the extraordinary events of the last few weeks. Some of you will be aware.

M1NT closed in very dubious circumstances for about one week and then reopened under new ownership.

It appears the Club was driven into the ground deliberately by Mr Paton, in spite of all his protestations to the contrary, his fairy tale stories of mafia involvement, his fantasies that some of his loyal foot soldiers were scheming against him behind his back and numerous other ridiculous claims.

The reality is, that in the Club’s last months and/or weeks, he refused to pay employee salaries, built up huge debts with suppliers, refused to pay rent, withheld shareholder dividends due in March and, through various means, transferred large sums of money out of the country for his own benefit.

At the 11th hour and only when his desperate employees threatened to take their plight to the Labour Court, did he hand over control and ownership of the Club to its new owners, who made good on the salaries owing.

This seems to be an inexplicable pattern of his, where he absconds with as much money as he can get his hands on and throws everybody else “under the bus”.

M1NT London and HK having expired in similar circumstances.

The new owners are still in “discovery” mode and have stated that they will make an announcement in due course stating their intentions regarding the shareholders and their shareholdings. There have been some encouraging comments from the new owners but thus far, nothing concrete.

Now some of you will take exception to this email and/or find the assertions incredulous. Rest assured these are not made lightly and are backed by irrefutable evidence as well as eye witness accounts (including bank documents, etc).

Don’t be fooled. Mr Paton is a narcissist of the highest order who suffers from severe delusions of grandeur and moral righteousness.

You can believe his ludicrous fantasies. That choice is yours but one thing is certain.

He will deny, cry foul and try to spin his way out of this but he is solely responsible for M1NT being under new ownership (with the very successful Sino Group) and the fate of your shareholding being in their hands.

We wish the new owners well as M1NT moves into the second phase of its life.

What should you do?

It’s not in anybody’s interest to pre-empt or upset ongoing discussions with the new owners who, ultimately, are not expecting to discover they share ownership with approximately 250 shareholders who together represent about 60%, or including Paul Robinson, about 75% of the business. That will take them some time to digest.

However, anyone who would like to cash in their shares for what they paid (staff were issued shares at HKD1.20) and/or collect their overdue dividend, should send an email to Mr Paton.

Best regards