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This document has not been approved for the purposes of section 21 of the Financial Services and Markets Act ("FSMA"). It comprises draft information. No securities issued by the Company are being offered to the public for the purposes of the FSMA and no application has been or will be made for the admission of any of the Company’s securities to the official list of the UK Listing Authority, to trading on the Alternative Investment Market of the London Stock Exchange or to trading on any other recognised investment exchange.

The information in this document, which is in draft form, is subject to updating, completion, revision, further verification and amendment. This document (including its contents) is confidential and is exempt from the general restriction in section 21 of the FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals), 49(2) (High net worth companies, unincorporated associations etc), 50(1) (Sophisticated investors) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Any investment to which this document relates is available only to such persons, and other classes of person should not rely on this document.

A "Sophisticated investor" is one who is sufficiently knowledgeable to understand the risks associated with the type of investment described by the Information herein. This document is being supplied to you solely for your information and may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose.

The information in this document does not constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities in the Company nor shall this document, or any part of it, or the fact of its distribution, form the basis of, or be relied on, in connection with any contract.

Recipients of this document who intend to purchase securities in the proposed placing are reminded that any such purchase may only be made solely on the basis of the information contained in the information in its final form which may be different from the information contained in this document. No reliance may be placed for any purpose whatsoever on the information contained in this document or on the completeness, accuracy or fairness thereof.

No representation or warranty, express or implied, is made or given by or on behalf of the Company or its Directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and no responsibility or liability is accepted for any such information or opinions.

The attention of prospective investors is drawn to areas in this document related to potential risk factors.


The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. Neither this document nor any copy of it may be taken or transmitted into the United States, Canada, Ireland, Japan or Australia or distributed to the United States, Canada, Ireland, Japan or Australia or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof.

Nothing in this document shall be construed as the giving of investment, tax legal or other advice by the Company or any other person. If you are in any doubt as to whether to invest in the securities described herein, you should consult an independent financial adviser who is qualified to advise on investments of this nature.

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