NOTICE OF APPROVAL OF JOINT ADMINISTRATORS' PROPOSALS

"The Joint Administrators are pleased to announce that at a meeting held on 17 August 2021, creditors of the Company agreed their Proposals, with modifications

The Administrators' Proposals make reference to claims that the Company may have against various parties and associated counter-claims.

The Joint Administrators do not currently know whether the potential claims previously publicised by the directors or counter-claims have any merit, or if they have merit, whether if successful the claims would entitle the Company to recover any or any material damages. The Joint Administrators also note for the record, that whilst the Company had issued letters to a number of parties threatening to issue proceedings, they are not aware of any proceedings which had actually been commenced.

The Joint Administrators have instructed their legal advisers to review these letters and investigate the underlying facts with a view to advising the Joint Administrators on how to proceed.  As part of this they will also review whether there are any other persons against whom the Company may have a valid and valuable claim, but there can be no assurance at this stage that any such claims exist or that there will be any merit or value in the potential claims referred to earlier."