Introduction from the Chairman

The Board recognises the importance of, and is committed to, high standards of corporate governance, and all Directors are fully aware of their duties and responsibilities under the UK Corporate Governance Code 2018 (the “Code”) that became effective for the first time in the prior reporting period, the Disclosure Guidance and Transparency Rules (“DTRs”) and the Listing Rules.

Whilst the Company's ordinary shares are now admitted to trading on AIM (following the cancellation on 27 July 2020 of the admission of the Company's ordinary shares to listing on the FCA's Official List (premium segment) and to trading on the London Stock Exchange's main market for listed securities), the 2021 Annual Report & Accounts have been prepared as if the Company were still a fully listed company (complying with the requirements of the FCA's 'Listing Rules', Schedule 8 (Quoted Companies Directors Remuneration Report) as amended by the provisions of The Large and Medium-sized Companies and Groups (Accounts and Report) Regulations 2008 (SI 2008/410) and The UK Corporate Governance Code).

On 4 November 2021 the Board approved the Company's intended transition to compliance with the provisions of Corporate Governance Code published by the Quoted Companies Alliance (the "QCA Corporate Governance Code") by Spring 2022. It is therefore anticipated that the annual report and accounts of the Company for the financial year ending 2 July 2022 will be prepared in accordance with the Company's obligations as an AIM company and the requirements of the QCA Corporate Governance Code.

Keith Edelman
Chairman
15 November 2021