Governance

The Directors recognise the importance of sound corporate governance and intend in due course to observe the requirements of the Combined Code on Corporate Governance (as published by the Financial Reporting Council and commonly known as the 'Combined Code') to the extent they consider appropriate in light of the Company's size, stage of development and resources. At present, due to the size of the Company, audit and risk management issues will be addressed by the entire Board. As the Company grows it is intended that further appointments will be made to the Board. Audit and remuneration committees will be established and the Board will consider developing further policies and procedures which reflect the principles of good governance and the Combined Code.

The Company has adopted and will operate a share dealing code for Directors and senior executives under the same terms as the model code on Directors' dealings in securities, published from time to time by the UK Listing Authority.

In addition, the Company is obliged to comply with the provisions of the PLUS Rules, as amended from time to time, which govern the operation and administration of PLUS, including the arrangements for the admission of securities to PLUS and ongoing requirements following Admission.