The full will start at 12.00. It will not be blocked by the log backup. When the log backup completes, the log clearing will be deferred until the full backup completes.
Paul Randal
CEO, SQLskills.com: Check out SQLskills online training!
Blog:www.SQLskills.com/blogs/paul Twitter: @PaulRandal
SQL MVP, Microsoft RD, Contributing Editor of TechNet Magazine
Author of DBCC CHECKDB/repair (and other Storage Engine) code of SQL Server 2005