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CORPORATE GOVERNANCE

The Directors recognise the importance of sound corporate governance commensurate with the size and stage of development of the Company and the interests of Shareholders. As the Company grows, the Directors intend that it should develop policies and procedures that reflect the Principles of Good Governance and Code of Best Practice, as published by the Committee on Corporate Governance (commonly known as the “Combined Code”). So far as is practicable, taking into account the size and nature of the Company, the Directors will take steps to comply with the Combined Code. The Directors have established an audit committee to receive and review reports from management and from the auditors relating to the interim and annual accounts and to the system of internal financial control. The Directors have also established a remuneration committee, which will, when applicable, determine the terms and conditions of service of executive directors.

The Company has adopted a code based on the Model Code for Directors' Dealings and will take all proper and reasonable steps to ensure compliance by the Directors and relevant employees.

TAKEOVER CODE

The Company complies with the requirements of the Corporate Governance Code for Small and Mid-Sized Quoted Companies 2013 published by the Quoted Companies Alliance from time to time, to the extent the directors consider it appropriate given the Company’s size and nature.

The Company is subject to the City Code on Takeovers and Mergers, as published by the Panel on Takeovers and Mergers and updated from time to time.

Last updated 04 Aug 2014