Share Buyback Programme

The Company today announces the commencement of a Share Buyback Programme. The Company has allocated an initial £2.7 million from its available cash reserves to the Share Buyback Programme.

The Company has engaged Dowgate Capital Limited as buy-back agent in relation to the Share Buyback Programme. The maximum price payable per ordinary shares of 25 pence each in the capital of the Company (the "Ordinary Share") (exclusive of expenses) will not exceed the higher of: (i) 105% of the average middle market quotations for an Ordinary Share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the Ordinary Share is contracted to be purchased; and (ii) an amount equal to the higher of the price of the last independent trade of an Ordinary Share and the highest current independent bid for an Ordinary Share, as derived from the London Stock Exchange Trading System.

The Share Buyback Programme will be conducted in accordance with the general authority to repurchase shares granted by the Company's shareholders at the Company's Annual General Meeting on 9 June 2023 and within pre-set guidelines which are within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (in each case, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules. The Company will hold as treasury shares any Ordinary Shares repurchased in accordance with the provisions of the Companies Act 2006.

The Company will announce any market repurchase of Ordinary Shares on the business day following the calendar day on which the repurchase occurred. The Company intends that the repurchased Ordinary Shares will be held as treasury shares in accordance with the provisions of the Companies Act 2006.