Shareholder Loan & Related Party Transaction

The Board of the Company has entered into another loan agreement for €350,000 with Discover Investment Company ("DIC") to provide additional working capital to the Company (the "Shareholder Loan"). DIC has previously entered into a loan agreement with the Company for €350,000 in May 2023. To date, the Company has received 13 loans from different shareholders amounting to approximately €3.46 million. As previously announced, the first six loans made up to September 2023 have identical terms to one another (other than their date of initiation and currency of denomination) and are for a 12-month term bearing an interest rate of 12 per cent. p.a., with no fees payable on disbursement or repayment. Shareholder Loans made after September 2023 have identical terms with the previous loans, except that there is no right of prepayment by the Company and they will therefore last 12 months. The Company's intention is to repay all outstanding Shareholder Loans from the proceeds of the sale of Company assets. When combined with the Shareholder Loans announced previously, all of the Shareholder Loans received to date are now expected to total c.€3.81 million in aggregate.

Related Party Transaction

The new Shareholder Loan agreement has been entered into with DIC who are considered a related party by virtue of Nicolai Huls, Managing Director of the Company, also being a Director of DIC. Accordingly, the entering into of the new Shareholder Loan agreement is deemed to be related party transaction pursuant to AIM Rule 13 of the AIM Rule for Companies. The Company's directors (excluding Nicolai Huls) consider, having consulted with the Company's Nominated Adviser, Cavendish Capital Markets Limited, that the terms of the new Shareholder Loan agreement is fair and reasonable insofar as the shareholders are concerned.