From the administrators' statement

3.1 The Administrator has been advised that prior to obtaining formal advice as to the financial position of the Company, the directors attempted to arrange a sale to a third party which was unsuccessful.

3.2 Prior to the present instruction, the directors engaged Penningtons Manches Cooper, solicitors, (“Penningtons") to obtain a memorandum of advice as to the financial viability of the Company. This was compteted on 31 August 2022. The conclusion of the twilight report was that the Company could not be considered cash flow solvent as it could only meet its debts as they fall due up until 31 August 2022, in accordance with Section 123 (1)(e) of The Act. Following the advice of Penningtons, the directors of the Company retained Meghan Andrews of Azets Holding Limited (“Azets"), to advise further.

3.3 Beacon was approached on 10 August 2022 by a UK representative acting

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Pycom Ltd (09852962)

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