Governance statement

The Directors recognise the importance of sound corporate governance and with that aim, the Company has voluntarily adopted substantially all of the recommendations of the QCA Code as are appropriate to the Company’s size at this time. To the extent that it is not compliant with the QCA Code it is intended that it will become so as the Company and its business mature.

The Board will meet monthly to review key operational issues, strategic development and the financial performance of the Company. All matters of a significant nature are discussed in the forum of board meetings. The Board will continue to be responsible for internal controls to minimise the risk of financial or operational loss or material misstatement. These controls have been designed to meet the particular needs of the Company having regard to the nature of its business.

The Board is responsible for monitoring the Company’s risks and implementing other systems which are deemed necessary.

The Company ensures, in accordance with Rule 21 of the AIM Rules, that the Directors and applicable employees do not deal in any Ordinary shares during a close period (as defined in the AIM Rules). In addition, the Company has adopted a code on dealings in the Company’s securities.