Corporate Governance

Board Committees

The Directors recognise the importance of sound corporate governance and intend that the Company will continue to comply with the main provisions of the QCA Guidelines for AIM Companies in so far as they are appropriate given the Company's size and stage of development. Accordingly, the Company has established an audit committee, a remuneration committee and a nomination committee, with formally delegated duties and responsibilities.

Audit Committee

The audit committee will initially comprise Paul Marks and Damian Mifsud and will be chaired by Paul Marks. It will be responsible for ensuring the financial performance, position and prospects of the Company are properly monitored and reported on and for meeting the auditors and reviewing their reports relating to accounts and internal controls.

Remuneration Committee

The remuneration committee will initially comprise Paul Marks and Damien Mifsud and will be chaired by Paul Marks. It will review the performance of executive directors and set their remuneration and the payment of bonuses to executive directors and consider the future allocation of share options to directors and employees.

Nomination Committee

The nomination committee will initially comprise Paul Marks and Damian Mifsud and will be chaired by Paul Marks. It will consider the selection and re-appointment of Directors. It will identify and nominate candidates to fill board vacancies and review regularly the structure, size and composition (including the skills, knowledge and experience) of the Board and make recommendations to the Board with regard to any changes