QCA Code Principle 2

Seek to understand and meet shareholder needs and expectations.

The support and engagement of our shareholders is imperative to the future success of the Company and the Board is committed to communicating openly and effectively with all shareholders and to understanding their needs and expectations. To achieve this, the Board encourages two-way communication with shareholders and responds appropriately to ensure all questions or issues received from them are addressed in a timely manner. The Interim Executive Chairman, is a principal point of contact for shareholders. His contact details are disclosed on all announcements made by the Company, together with those of Arthur Manners, Finance Director, these announcements can be found on the Announcements page of this website. In addition, contact details for our Company Secretary, Ben Harper, are given in all communications to shareholders about General Meetings and on the Advisers page of this website.

The Interim Executive Chairman have regular, direct contact with large shareholders and make sure that their opinions are communicated to the Board as needed. There have been regular dialogues with shareholders during the year including holding briefings with analysts and other investors. The Company uses the Annual General Meeting as an opportunity to engage with its shareholders. In so far as is practicably possible, all Directors are expected to attend the Annual General Meeting, with the Chair of the Audit and Nomination and Remuneration Committees being available to answer shareholders’ questions. Final results of proxy appointments and of voting at General Meetings are disclosed on the Documents & Papers and Announcements pages of this website. Furthermore, if voting decisions stray from Company expectations, the Board will engage with those shareholders concerned to understand and try to address their concerns.

We also have an ongoing dialogue with shareholders through formal communication of financial results on a yearly and half yearly basis and provide periodic market updates and press releases to ensure compliance with the AIM Rules.

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