From the administrators' statement

Significant restructuring negotiations have taken place since August 2010 to attempt to complete a consensual restructuring of the Company Extensive negotiations took place between the ultimate shareholder of the Company, Pamplona, the Mezzanine Lenders, the Senior Lenders and the Group, and a variety of possible transactions between the various parties were discussed In addition, the Group commenced a marketing process referred to in section 3 2 below

Following negotiations with its key creditors, the directors of the Company invited the QFCH to appoint administrators in order to effect a sale of the Company's assets, being the shares in Alpha Il and the Receivable

Accordingly, on 30 March 2011 immediately after the appointment, the Administrators caused the Company to

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Turbo Beta PLC (06433751)

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