Governance

The Directors recognise and value the importance of high standards of corporate governance and intend to observe the requirements of the Combined Code to the extent that they consider appropriate in the light of the Company’s size, stage of development and resources.

The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets and corporate actions. Following Admission, the Company intends to hold Board meetings at least 6 times each financial year and at other times as and when required. The Board has established an audit committee and a remuneration committee, each with formally delegated duties and responsibilities.

The audit committee will receive and review reports from the management and the Company’s auditors relating to annual and interim accounts and the accounting and internal controls in place in the Company. The audit committee will have unrestricted access to the Company’s auditors. Upon Admission, the members of the audit committee will be David Mace and Rupert Faure Walker (Chairman).

The remuneration committee will review the scale and structure of the executive Directors’ remuneration and the terms of their service contracts. The remuneration and terms of appointment of the non-executive Directors will be set by the Board. Upon Admission, the members of the remuneration committee will be Rupert Faure Walker and David Mace (Chairman).