The Company is pleased to announce that at the Extraordinary General Meeting of the Company held earlier today all the resolutions proposed were passed. These resolutions were placed before the Company by its board with the intention of simplifying the equity capital structure of the Company and making it more flexible in future.

As a result the Company’s board is now authorised to issue a new class of warrant, which it is proposed will be tradable, in the first instance, on the Alternative Investment Market in London and subsequently on EuroNext in Amsterdam. An AIM admission document for the new class of warrants will be issued shortly which will also contain details of how holders of the various series of existing warrants will be able to exchange their existing warrants for new tradable warrants. In this way it is intended that the diversity in warrant pricing and exercise periods will be homogenised.

The Company’s board is now also authorised to consolidate the ordinary shares of the Company on a 4 for 1 basis, which will serve to reduce the number of shares in issue and so simplify the capital base of the Company.

In order to reduce any potential confusion with these two developments coinciding, it is proposed to carry out the share consolidation after the warrant exchange proposal has been carried out but before the next Annual General Meeting of the Company.