The Company intends to comply with the principles of the Combined Code where practicable for a company of its size, nature and domicile and will follow, as far as possible, the recommendations on corporate governance made by the Quoted Companies Alliance. The Board intends to appoint a remuneration committee and an audit committee with delegated duties and responsibilities as and when appropriate and once the Board has been strengthened.

The Company holds regular Board meetings at which financial and other reports are considered and, where appropriate, voted upon. The Company currently complies with the corporate laws and the requirements of the corporate governance regime in the British Virgin Islands, its country of incorporation.

The Company will abide by Rule 21 of the AIM Rules for Companies, including the provisions regarding Directors’ dealings, and will take all reasonable steps to ensure compliance by the Directors and applicable employees. In order to achieve this, the Company has adopted a share dealing code for the Directors and employees in accordance with the AIM Rules for Companies.