Bybrook Finance Solutions Limited (BFSL) has provided loan finance to PVG pursuant to a facility agreement dated 25 January 2019 (as amended by a supplemental deed of amendment dated 23 December 2019 and a second supplemental deed of amendment dated 29 January 2020) (the 2019 Facility) and a facility agreement dated 29 January 2020 (the 2020 Facility). The 2020 Facility provided for loan finance of £1.1 million of which £600,000 was drawn down in January 2020 with a repayment date of 30 April 2020. The draw-down of the remaining facility and the extension of the repayment date to 31 July 2021 was subject to the issue by PVG of warrants to subscribe for up to 383,673 new PVG ordinary shares of 10p each at an exercise price of 10p per share within 5 years of the issue of any such warrants (the Warrants). As a result of the occurrence of the Coronavirus (Covid-19) pandemic and the imposition of a lock down by the UK Government PVG's Annual General Meeting due to take place on 31 March 2020 was postponed and the Warrants could not be issued because PVG did not have a valid authority to issue shares. Accordingly the repayment date was not extended and BFSL no longer has an obligation to make any further advances to PVG under the 2020 Facility. On 1 May 2020 PVG and BFSL entered into further deeds of amendment that provide for (i) the waiver of events of default that have occurred under the 2019 Facility and the 2020 Facility as a result of actions taken by PVG in light of the Coronavirus (Covid-19) pandemic and (ii) the extension of the repayment date in the 2020 Facility to 31 July 2021.