Under the terms of the IPH Acquisition Agreement, the Company has also agreed to establish an Independent Committee. The Independent Committee of the board was constituted with effect from Admission and comprises at least one independent non-executive Director, with Neil Woodyer as Chairman.

 

The Independent Committee is responsible, after having consulted with Canaccord Adams, for dealing with any matter on behalf of the Company which arises relating to the terms of the IPH Acquisition Agreement and various ancillary documents including the Lock-in Agreements, the enforcement of rights or obligations thereunder, and any variation of the terms of the IPH Acquisition Agreement and such ancillary documents to the extent such variation would be materially adverse to the Company.