QCA PRINCIPLE 2 - Seek to Understand and Meet Shareholder Needs and Expectations

Investor Relations Calendar (typical, rolling)

Interaction with shareholders

The Board recognises the need for a programme of engagement which offers all shareholders opportunities to receive information directly and enable them to share their views with the board.

Communications with shareholders are considered important by the Directors.   The Chief Executive is responsible for maintaining communication with all shareholders who are not directors. 

The company maintains a website on which all material news is displayed.  Any significant technical and operating information is posted in accordance with AIM regulations. In the 90 days to 28 August 2018, there were over 11,000 visits to individual pages on our website whichshows that shareholder engagement has been successful.

The company works with its Nominated Advisor and Broker to communicate with institutional and private shareholders via road shows and one-to-one meetings, as appropriate.  Contact is maintained with other stockbroker analysts to maximise awareness of the company’s activities amongst the investment community.

A comprehensive annual report containing statutory financial information and operating activities is prepared and published after the end of each financial year.  The Board takes note of the disclosure guidance provided by the Combined Code in the preparation of the report.

The company encourages shareholders to attend the AGM to facilitate the widest possible contact with all members of the board.

Investor relations and contact

During the course of the year, our Chief Executive and Financial Officers meet with institutional investors to discuss our strategy and progress and to understand how investors view our business.  It is their responsibility to manage and develop the company’s external relationships with shareholders, potential investors and analysts.  Shareholder communications take place through a combination of briefings to analysts and institutional investors, individual discussions with shareholders and potential investors, regulatory announcements, press releases and updates on the company’s website.

Shareholder and potential shareholder meetings usually take place after we release our interim and preliminary results.

Our financial PR company liaises with shareholders on a regular basis and endeavours to answer questions that are raised, where possible.

Often, the Company will receive emails directly from shareholders which are either answered directly, where possible, or forwarded to the financial PR company to handle.

During the year, our investor relations programme included meetings in the locations set out in our investor relations calendar, above and these focused on the company’s corporate governance arrangements.  The meetings were structured to allow for a successful, open dialogue and discussion on the matters of importance to our shareholders including strategy, Board composition and succession.

The Board sets time aside during its meetings to discuss feedback from shareholder meetings, including relevant feedback obtained by independent brokers and our advisers. This allows all Directors to successfully understand major shareholders’ views, significant market developments, share price performance and changes in the shareholder base.

The Company’s Annual General Meeting is generally well attended and gives the Board an opportunity to communicate with both private and institutional investors, and we welcome their involvement.

All of our Board members will be available to answer questions at the Company’s next AGM.

Points of contact