Corporate Governance

There is no applicable regime of corporate governance to which directors of a Cayman Islands company must adhere over and above the general fiduciary duties and duties of care, diligence and skill imposed on such directors under Cayman Islands law. However, the Directors recognize the importance of sound corporate governance and will take appropriate measures to ensure that the Company complies with the main provisions of the UK Corporate Governance Code, as far as practicable and to the extent appropriate given the Company’s size, assets, liabilities and other relevant information.

The Company has adopted a model code for share dealings in Ordinary Shares which is appropriate for an AIM company, including compliance with Rule 21 of the AIM Rules for Companies relating to Directors’ and employees’ dealings in Ordinary Shares.

When the Board starts to consider further appointments to the Board it intends to constitute a nominations committee; until such time the Board is satisfied that any relevant issues can be properly considered by the Board as a whole.