Result of General Meeting and Open Offer

by: Admin 19/12/2013

Further to the Company's announcement on 2 December 2013 detailing the Firm Placing to raise gross proceeds of £11.0 million and the Open Offer to raise up to an additional £2.1 million from new and existing investors, the Company confirms that the Open Offer is now closed in accordance with its terms.

As at 11.00 a.m. on 18 December 2013, being the latest time and date for receipt and payment of Open Offer entitlements, the Company had received valid acceptances in respect of 4,524,078 Open Offer Shares, representing a take up of approximately 22 per cent. of the total Open Offer Shares.

In addition, the Board is also pleased to announce that at the General Meeting of the Company held earlier today, all resolutions put to Shareholders in relation to the Firm Placing and Open Offer were duly passed.

Accordingly, application has been made for 114,534,310 New Ordinary Shares to be admitted to trading on AIM and it is expected that these shares will be admitted and dealings will commence at 8:00am on 20 December 2013 ("Admission"). Following Admission, the issued share capital of the Company will consist of 422,464,726 ordinary shares of 10 pence each (the "Enlarged Issued Share Capital"). Therefore, the total number of voting rights in the Company is 422,464,726 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

As previously announced, certain of the Directors of the Company had subscribed for an aggregate of 650,000 Firm Placing Shares. Following Admission, their beneficial interests will be as follows:

Number of Ordinary Shares held prior to Admission

Number of Ordinary Shares held following Admission

% of Enlarged Issued Share Capital

Phil Cartmell




Richard King




Mark Crawford





Unless otherwise defined in this announcement, capitalised terms shall have the meaning given to them in the Circular issued to Shareholders on 2 December 2013.