Corporate Governance

The Board comprises four Directors, three of whom are non-executive Directors.

The Directors are responsible for overseeing the effectiveness of the internal controls of the Company designed to ensure that proper accounting records are maintained, that the financial information on which business decisions are made and which is issued for publication is reliable and that the assets of the Company are safeguarded.

The Company has adopted a share dealing code for the Directors, which is appropriate for a company whose shares are admitted to trading on AIM (in order to ensure, among other things, compliance with Rule 21 of the AIM Rules). The Company will take all reasonable steps to ensure compliance with the terms of its share dealing code by the Directors.

The Board recognises the importance of sound corporate governance and intends to comply with the Quoted Companies Alliance’s Corporate Governance Guidelines for AIM Companies, to the extent feasible and, in the Company’s sole discretion, appropriate.

Remuneration Committee

The Remuneration Committee is chaired by Mr William Knight and its other member is Mr Mohamed Abdel-Hadi. The Remuneration Committee is required to have at least two members. It will meet not less than three times a year and will have responsibility for making recommendations to the Board on the Company’s policy on the remuneration of the Chairman of the Board, the Chief Executive Officer, any other executive directors that may be appointed to the Board, the Secretary and other officers.

In determining such remuneration, the Remuneration Committee has due regard to any relevant legal requirements, the QCA Guidelines and the Combined Code on Corporate Governance (where the Remuneration Corporate governance