THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

On 22 February 2019, the Company published its shareholder circular (the "Circular") in connection with the Fundraising. The Open Offer closed for acceptances at 11.00 a.m. on 11 March 2019.

Valid acceptances have been received from Qualifying Shareholders in respect of 89,145,075 Open Offer Shares, including applications for 13,447,299 Open Offer Shares under the Excess Application Facility. This represents approximately 44.6 per cent. of the maximum number of Open Offer Shares available under the Open Offer.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications for New Ordinary Shares under the Excess Application Facility will be met in full.

The Company has therefore raised gross proceeds of £1.8 million through the Open Offer. This is in addition to the approximately £4.0 million (before expenses) to be raised pursuant to the Placing and the Subscription. It is expected that the Admission of the 89,145,045 Open Offer Shares will become effective at 8.00 a.m. on 13 March 2019.

Open Offer Shares (held in uncertificated form) are expected to be credited to CREST accounts on 13 March 2019 and definitive share certificates for the Open Offer Shares (held in certificated form) are expected to be despatched to shareholders who hold their Ordinary Shares in certificated form by 27 March 2019.

The Fundraising remains conditional upon, amongst other things, Shareholder approval of the Resolutions at the General Meeting to be held later today and Admission.

Capitalised terms used in this announcement shall have the same meanings given to them in the Circular.

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