The POST code translates to 10101110, or 0xAE, DXE Legacy Boot. As for the beeps, I guess it's related to this: Not all beep codes signal an error.
So it seems the server is booting but not giving display. Have you tried different VGA cable/monitor? Do you have response on keyboard? (i.e. press NUM LOCK or CAPS LOCK key) If possible, attach an add-on video card and see if you can get display.