Corporate governance and internal controls

As an AIM-listed company, the Company is not obliged to, and does not currently comply fully with the corporate governance regime in the UK, as set out in the Combined Code on Corporate Governance.

Following Admission, the Company has complied with the Combined Code on Corporate Governance, so far as is practicable and appropriate for a public company of its size and nature.

The Company has established an Audit Committee and a Remuneration Committee. The Remuneration Committee comprising of Michael Gurner as Chairman and David Evans and will determine the terms and conditions of service of the Executive Directors, including their remuneration and grant of options. The Audit Committee comprising of David Evans as Chairman and Michael Gurner will have primary responsibility for monitoring the quality of internal controls, ensuring that the financial performance of the Enlarged Group is properly measured and reported on, and for reviewing reports from the Company’s Auditors relating to the Company’s accounting and internal controls, in all cases having due regard to the interests of Shareholders.

The Directors will comply with Rule 21 of the AIM Rules relating to Directors’ dealings as applicable to AIM companies and will also take all necessary steps to ensure compliance by the Company’s applicable employees. The Company has adopted a share dealing code which is appropriate for an AIM-listed company, for this purpose.