Corporate Governance

The Directors seek to comply with the principles of good governance as set out in the corporate governance guidelines for AIM companies published in the Corporate Governance Guidelines for Smaller Quoted companies in September 2010.

The Company has not yet appointed new non-executive directors to replace Sir Leslie Young and Suki Kalirai who retired from their positions during 2009. This is in large part due to cost constraints. However, the Board views their appointment as a matter of priority and will seek to replace them at the earliest opportunity

Audit Committee

Since the departure of the the Non-executive Directors no audit committee meetings have been held.

Remuneration & Nomination Committee

The function of the remuneration and nomination committee has been suspended until the Company has appointed new Non-executive Directors.