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Corporate Governance

The UK Corporate Governance Code applies only to companies on the Official List and not to companies admitted to trading on AIM. However, the Board recognises the importance of sound corporate governance and intends that the Company will comply with the provisions of the QCA guidelines insofar as they are appropriate given the Company’s size and stage of development.

The Board’s main roles are to create value for shareholders, provide entrepreneurial leadership to the Company, approve the Company’s strategic objective and ensure that the necessary financial and other resources are met available to enable those objectives to be met. The Executive Directors meet regularly and are in continuous discussion with the operational management to ensure that the business objectives of the Company are achieved. Non-executive Directors have a particular responsibility to ensure that the strategies proposed by the Executive Directors are constructively challenged. The Company’s Non-executive Directors are considered by the Board to be independent of management and they bring a breadth of knowledge and experience to the Board’s deliberation. The Company has established properly constituted audit and remuneration committees of the Board with formally delegated duties and responsibilities.

The Board has adopted a share dealing code as part of taking all reasonable steps to ensure compliance by the Board and the Company’s applicable employees with AIM Rule 21 and other applicable regulations.