Beacon Hill Resources - Re: BHR Stream Log - FROM LSE : I received...

FROM LSE : I received a letter from Baker tilly today Dear Sirs Beacon Hill Resources PLC - In Administration Notice of Intention to apply to end the administration and wind-up the Company Pursuant to Rules 2.1 l4(3)(a) of the Insolvency Rules 1986 (the ‘‘IR''), Graham Bushby and I, in our capacity as joint administrators (the "Administrators") of the Company, hereby notify you, as shareholder of the Company of our intention to make an application to court pursuant to paragraph 79(2)(a) of Schedule I31 to the Insolvency Act 1986 (the "Act") for an Order that our appointment shall cease to have effect and the administration of the Company shall come to an end as at the date specified in the Order (the "Application''). We further notify you of our intention to issue a winding-up petition under section 124 of the Act on behalf of the Company in conjunction with the Application. We are taking the above steps on the basis that we are no longer satisfied that the purpose of the zulrninistration can be nelricved in relation to the Company. This is on the grounds that following the resigtnlion of‘ management of the Company‘: asset owning subsidiaries. with whom the Administrators were working in an attempt to realise these assets, it is now unlikely these assets will be realised for suflicient value to enable there to be any return of funds to the Company. Therefore, the Company has insufiicient funds to allow for full repayment to secured creditors or any payments to unsecured creditors of the Company. A final progress report will be issued to creditors once an order has made which will provide further detail on the work carried out by the Administrators and the efforts made to realise value from the Cornpany’s asset owning subsidiaries more information regarding this re-financing then please contact Andrew Sim at asiIn@.::mc1.co. The application to Court will note he made until lhc rc-financing options being investigated by the Shurelmldcr Action Group have been Fully explored, however any rc-financing is unlikely tu prevent an application from being made. If you have any queries please contact Benjamin Dymanl of my offloc. Yours faithfully for and on behalf of Beacon Hill Resources PLC Phillip Sykes Baker Tilly Restructuring and Recovery LL!’ Joint Administrator