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Following amendments made to the AIM Rules, which take effect on 28 September 2018, all AIM companies are required to apply a recognised corporate governance code and to make additional website disclosures relating to their compliance with that code.

In compliance with the new requirement, the Company has, since the year end, adopted the Quoted Companies Alliance’s (QCA) Corporate Governance Code (which was revised in April 2018) (“QCA Code”) and has updated its website to include the additional disclosures required by the QCA Code and the AIM Rules.

The information set out in this website has been prepared as if the requirement to adopt the QCA Code had been in force during the financial year ended 30 June 2018.

The QCA Code takes key elements of good governance and applies them in a manner which is workable for the different needs of growing companies. In determining the extent and manner of application of the QCA Code, the Board has had regard to the size, risks, complexity and nature of operations of the business.

The QCA Code is constructed around ten broad principles and a set of disclosures. The QCA has stated what it considers to be appropriate arrangements for growing companies and asks companies to provide an explanation about how they are meeting the principles through the prescribed disclosures. Recommendations are made within the QCA Code as to which particular disclosures should be made in the annual report and which should be made on the website and we have followed these recommendations.

In addition to the specific disclosures the Code recommends the inclusion of a “Corporate Governance Statement” prepared by the Chairman in the annual report and on the website. The Company’s Corporate Governance Statement, which has been prepared by the Chairman of the Company, Terry Roydon, is set out here.

The Company expects to update the text of this part of its website at the time of the publication of its financial statements for the year ended 30 June 2018. Further updates will be made annually thereafter at or around the time of publication of subsequent financial statements. These disclosures were last updated on 28 September 2018.