Corporate governance

As a company with a Listing in the Transition Category, the Company is not required to comply with the provisions of the Corporate Governance Code published by the Financial Reporting Council. Nevertheless, the Directors are committed to maintaining high standards of corporate governance and, so far as is practicable given the Company's size and nature, adopts and complies with the QCA Code on a comply or explain basis.

The Directors are aware that there are certain provisions of the QCA Code with which the Company is not complying. The Company will report to its Shareholders as to its compliance with the QCA Code on an ongoing basis and will publish an updated corporate governance statement from time to time.

As the Company grows, it is the Board's intention that the committees will comprise Non-Executive Directors only, a majority of which will be independent.