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Corporate Governance

The Directors take measures to ensure that the Company complies with the Combined Code to the extent they consider appropriate, taking into account the size of the Company and nature of its business.

The Company does not consider it necessary to establish an audit committee given the nature of the Company. The Board undertakes all functions that would normally be delegated to the audit committee including reviewing annual and interim results, receiving reports from the auditors, agreeing auditors' remuneration and assessing the effectiveness of the audit and internal control environment. Where necessary, the Board obtains specialist external advice from either its auditors or other advisers.

The Company also has not established remuneration and nomination committees as the Directors believe that such committees are not appropriate given the nature of the Company's operations. The Board reviews annually the remuneration of the Directors and agrees the level of non-executive fees. Consideration is given by the Board to future succession plans for Board members as well as consideration as to whether the Board has the skills required to effectively manage the Company.

The Company has taken and will continue to take all reasonable steps to ensure compliance by the Directors and any employees with the provisions of the AIM Rules relating to dealings in securities of the Company and has adopted a share dealing code for this purpose.