Result of Placing and Open Offer Timetable

admission of the Placing Shares to trading on AIM and such admission becoming effective in accordance with the AIM Rules for Companies;

the AIM market operated by the London Stock Exchange;

the rules of AIM as set out in the publication entitled 'AIM Rules for Companies' published by the London Stock Exchange from time to time;

this announcement (including the appendices to this announcement)

the application form to be used by Qualifying Non-CREST Shareholders in connection with the Open Offer;

the description of a share or other security which is not in uncertificated form (that is not in CREST);

the circular in respect of the Open Offer, including a notice of general meeting, expected to be posted to Shareholders on or around 10 October 2016;

Helios Underwriting PLC a company incorporated in England and Wales with registered number 05892671 and having its registered office at 5th Floor 40 Gracechurch Street, London, United Kingdom, EC3V 0BT;

the relevant system (as defined in the CREST Regulations) in respect of which Euroclear is the Operator (as defined in the CREST Regulations);

the Uncertificated Securities Regulations 2001;

Euroclear UK & Ireland Limited;

other than as agreed by the Company and Stockdale or as permitted by applicable law and regulation, Shareholders who are located or have registered addresses in a Restricted Jurisdiction;

the 10,621,297 Ordinary Shares in as at the date of this Announcement;

£1.50 per New Ordinary Share;

London Stock Exchange plc;

up to 5,624,259 new Ordinary Shares to be issued by the Company pursuant to the Placing and the Open Offer;

the conditional invitation by the Company to Qualifying Shareholders to apply to subscribe for Open Offer Shares at the Issue Price on the terms and subject to the conditions to be set out in the Circular in respect of the Open Offer and, in the case of Qualifying Non-CREST Shareholders only, the Application Form;

an entitlement to subscribe for Open Offer Shares, allocated to a Qualifying Shareholder under the Open Offer;

up to 2,124,259 New Ordinary Shares to be offered to Qualifying Shareholders under the Open Offer;

Shareholders with registered addresses outside the UK or who are citizens of, incorporated in, registered in or otherwise resident in, countries outside the UK;

ordinary shares of 10 pence each in the capital of the Company;

the persons who are invited to and who choose to participate in the Placing by agreeing to subscribe for Placing Shares in accordance with the Terms and Conditions;

the up to 3,500,000 Placing Shares to be issued by the Company under the Placing;

the placing of the Placing Shares with the Placees pursuant to the Placing Agreement;

the agreement dated 30 September 2016 between the Company and Stockdale Securities Limited relating to the Placing;

Qualifying Shareholders whose Existing Ordinary Shares on the register of members of the Company on the Record Date are in uncertificated form;

Qualifying Shareholders whose Existing Ordinary Shares on the register of members of the Company on the Record Date are held in certificated form;

holders of Existing Ordinary Shares on the register of members of the Company at the Record Date with the exception (subject to certain exceptions) of Excluded Overseas Shareholders;

the record date for the Open Offer, which is expected to be 29 September 2016;

has the meaning given in the AIM Rules for Companies;

each of Australia, Canada, Japan, South Africa, the United States and any other jurisdiction in which the making of the Open Offer would be unlawful;

holders of Existing Ordinary Shares;

Stockdale Securities Limited, a company incorporated in England and Wales with registered number 00762818 and having its registered office at Beaufort House, 15 St. Botolph Street, London, EC3A 7BB;

recorded on a register of securities maintained by Euroclear in accordance with the CREST Regulations as being in uncertificated form in CREST and title to which, by virtue of the CREST Regulations, may be transferred by means of CREST;

the United Kingdom of England, Scotland, Wales and Northern Ireland;

the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia; and

sterling, the legal currency of the United Kingdom.