The Board seeks to follow best practice in corporate governance appropriate to the Company’s size and in accordance with the regulatory framework that applies to AIM companies. In response to changes in guidance for the corporate governance of quoted companies, the Board has decided to apply and adhere to the Quoted Companies Alliance (QCA) Code. Our QCA code page outlines the 10 principles of the QCA code and how we apply each of them, together with the last review date of such arrangements.

The main features of the Group’s corporate governance arrangements are:

The Board intends to meet regularly and at least eight times per year for formal board meetings. It will consider strategy, performance and approve financial statements, dividends and significant changes in accounting practices and key commercial matters, such as decisions to be taken on whether to take forward or to cancel a specific project. There is a formal schedule of matters reserved for decision by the Board in place.

The Company has an audit committee and remuneration committee

The Company does not currently have a nomination committee, as the Board does not consider it appropriate to establish one at this stage of the Company’s development. The Board will take decisions regarding the appointment of new directors as a whole and this will follow a thorough assessment of a potential candidate’s skill and suitability for the role.

Terms of Reference – Audit Committee

Terms of Reference – Remuneration Committee