EMAIL From: Nigel R Bone, To: Mike Chitty
Sent: Wednesday, June 15, 2005 11:25 AM

Dear Mike,

I refer to your long email and note the contents thereof. I confirm that I act as managing agent for and on behalf of Merchant Estate Ltd, who bought various freeholds from a Mr. & Mrs. Griffin.

I absolutely refute that there has been any form of pressure placed on any person to purchase. Many of the parties who have contacted us believe they own the freehold but then realise they only held a leasehold. All that has been made is an offer to purchase.

I consider your usage of the word 'threaten' to be far too strong and not representing how the matter has been handled. There has been no persuading 'to part with money' and I do not consider Merchant Estate Ltd, myself nor Kersh Auctions have behaved badly or inappropriately.

The guide prices are simply what they say, a guide. They do not represent necessarily the reserve price.

In reply to your various points, not necessarily in the same order, the facts of the matter are that I became aware of plots of land being offered for sale via an agency and agreed to buy for and on behalf of Merchant Estate Ltd. Kersh are instructed as the auctioneers via me, for and on behalf of Merchant Estate Ltd. The guide prices were set following conversations between James Kersh and myself. When quoting prices I have advised that legal fees would be sought on top of any offer up to a maximum of £500.

The question of a fair market price is one of huge debate and there has been no pressure whatsoever upon any parties to make offers or, to purchase. Prices have been quoted and sometimes accepted or, offers have been made which have or have not been accepted.

Any person occupying land should have been properly advised as to when they purchased their properties as to their ownership and whether it was leasehold or freehold.

I believe all adjoining owners to the land in question were written to, to advise of the forthcoming auction and to establish any interest there may be in purchasing.

I fully appreciate the concerns of individuals, but were certainly not advised of any previous owners actions, which Merchant Estate Ltd, myself, my company nor, Kersh Auctions, should be tainted with.

Yours sincerely,

Nigel R. Bone FRICS

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