Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the Circular.

Open Offer

Pursuant to the Open Offer, Qualifying Shareholders will have an opportunity to subscribe for an aggregate of 175,863,121 new Ordinary Shares (the "Open Offer Shares") at 1.25 pence per Open Offer Share on the basis of:

1 Open Offer Share for every 8 Existing Ordinary Shares held on the Record Date

In addition, the Open Offer presents Qualifying Shareholders with an opportunity, provided that they take up their Basic Entitlements in full, to apply for additional Open Offer Shares through the Excess Application Facility. The Open Offer is not underwritten.

If Qualifying Shareholders do not take up all of the Open Offer Shares, the Company and the Bookrunners may agree (without any obligation to do so) that the Bookrunners should use their reasonable efforts to procure subscribers for such Open Offer Shares at the Issue Price. There is no guarantee that this will occur or that the Bookrunners would be successful in so procuring any subscribers for such Open Offer Shares.

Further details of the Open Offer are set out in the extract from the 'Letter from the Chairman of the Company' below, together with the expected timetable.

Director Placing participation and intended Open Offer participation

The following Directors and PDMRs of the Company have participated in the Placing or intend to participate in the Open Offer as follows:

* consisting in the case of all participating Directors/PDMRs of 100% uptake of their Basic Entitlements under the Open Offer and additional applications by each for Excess Shares under the Excess Application Facility.

** assuming that the applications of participating Directors/PDMRs for Excess Shares under the Excess Application Facility are satisfied in full.

The notification below, made in accordance with the requirements of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and as modified by or under the European Union (Withdrawal) Act 2018 or other domestic law, provides further detail.

Admission and dealings

The Placing Shares and the Open Offer Share will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the Existing Ordinary Shares.

Application has been made to the London Stock Exchange for the Placing Shares and Open Offer Shares to be admitted to trading on AIM. Settlement for the Placing Shares is expected to take place on or around 8.00 a.m. on 12 July 2023 ("First Admission") (or such later date as may be agreed between the Bookrunners, Cenkos and the Company). Settlement for the Open Offer Shares is expected to take place on or around 8.00 a.m. on 26 July 2023 ("Second Admission") (or such later date as may be agreed between the Bookrunners, Cenkos and the Company).

The Placing is conditional, inter alia, upon First Admission becoming effective and the Placing Agreement between the Company, the Bookrunners and Cenkos not being terminated in accordance with its terms. The Open Offer is conditional, inter alia, upon First Admission and Second Admission becoming effective.  

Total voting rights

On First Admission, the Company will have a total of 1,494,904,968 Ordinary Shares in issue, with no Ordinary Shares held in treasury.  Therefore, following First Admission, this figure may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change in their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

For further information contact:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

The dates and timing of the events in the above timetable are indicative only and may be subject to change at the absolute discretion of the Company. If any of the details contained in the timetable above should change, the revised times and dates will be notified by means of an announcement through a Regulatory Information Service. All references are to London time unless stated otherwise.

Open Offer

Qualifying Shareholders are invited to apply for Open Offer Shares under the Open Offer at the Issue Price of 1.25 pence per Open Offer Share, payable in full on application and free of all expenses, pro rata to their existing shareholdings on the basis of:

1 Open Offer Share for every 8 Existing Ordinary Shares

held at the Record Date and so on in proportion for any other number of Existing Ordinary Shares then held. Open Offer Entitlements will be rounded down to the nearest whole number of Open Offer Shares. The Issue Price represents a discount of 34.2 per cent. to the closing mid-market price of 1.90 pence per Existing Ordinary Share on 6 July 2023, being the last practicable date prior to this announcement.

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through the Excess Application Facility. Once subscriptions under the Open Offer Entitlements have been satisfied in full, the Company shall, in its absolute discretion, determine whether to meet any excess applications in full or in part, and no assurance can be given that applications by Qualifying Shareholders under the Excess Application Facility will be met in full or in part or at all.

To the extent that Open Offer Shares are not subscribed by Qualifying Shareholders, Open Offer Entitlements will lapse. Qualifying Shareholders may apply for more or less Open Offer Shares than they are entitled to under the Open Offer.

The Open Offer is subject to the satisfaction, inter alia, of the following conditions on or before 26 July 2023, or such later date as the Company and the Bookrunners may agree:

(i)            the Placing and Open Offer Agreement becoming unconditional in all respects in relation to the Open Offer and not having been terminated in accordance with its terms; and

(ii)           Admission becoming effective.

Accordingly, in the event that any of these conditions are not satisfied, or, if applicable, waived, by 26 July 2023 (or such later time as the Bookrunners and the Company may in their absolute discretion determine provided that such time does not extend beyond 5.00 pm on 9 August 2023) the Open Offer will not proceed. In such circumstances, application monies will be returned (at the applicant's sole risk), without payment of interest, as soon as practicable thereafter.

Fractions of Open Offer Shares will not be allotted to Qualifying Shareholders in the Open Offer and, where necessary, entitlements under the Open Offer will be rounded down to the nearest whole number of Open Offer Shares. Any fractional entitlement to Open Offer Shares will be disregarded in calculating Open Offer Entitlements.

Whilst Qualifying Shareholders with a shareholding of less than 8 Existing Ordinary Shares on the Record Date will not receive an Open Offer Entitlement, such Qualifying Shareholders will be able to apply for Open Offer Shares under the Excess Application Facility.

The participation of a Qualifying Shareholder in their Open Offer Entitlement and any Excess Shares under the Excess Application Facility does not guarantee that their percentage shareholding will not be diluted from the position prior to the Placing and Open Offer as a result of the issue of the Placing Shares.

The Open Offer Shares have not been and are not intended to be registered, offered or qualified for sale in United States, Canada, Australia, New Zealand, the Republic of South Africa or Japan or any other jurisdiction where such registration, offer or salle would be prohibited by applicable law (any such jurisdiction being an Excluded Jurisdiction). The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.  No public offering of securities is being made in the United States or other Excluded Jurisdiction. Accordingly, unless otherwise determined by the Company and effected by the Company in a lawful manner, the Application Form will not be sent to Qualifying Non-CREST Shareholders with registered addresses in any Excluded Jurisdiction since to do so would require compliance with the relevant securities laws of that jurisdiction. Unless otherwise determined by the Company applications for the Open Offer from any person in an Excluded Jurisdiction will be deemed to be invalid.

The Open Offer Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Adjusted Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Second Admission.

Qualifying Shareholders should note that the Open Offer is not a rights issue and therefore the Open Offer Shares which are not applied for by Qualifying Shareholders will not be sold in the market for the benefit of the Qualifying Shareholders who do not apply under the Open Offer. Qualifying Non-CREST Shareholders should note the Application Form is not a document of title and cannot be traded or otherwise transferred.

Risk Factors

The attention of Shareholders is drawn to the risk factors set out in Part III of the Circular.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM