Remuneration

In common with many AIM-listed companies, the executive directors are compensated with share options as well as fees, which the Board have currently waived. The Board also retains the discretion to award options to non-executive directors. While this arrangement is inconsistent with the QCA Governance Code (“the Code”) it serves the purpose of attracting highly experienced directors at a modest cash cost to the business.

Mr King as a Non-Executive Director is paid fees at a rate of £15,000 per annum under the terms of his Director Service Contract which can be terminated with three months’ notice.