If an AIM Rule 15 cash shell has not undertaken an acquisition within the prescribed six month period, the shares of that company will be suspended. Where a company does not intend to undertake the required acquisition it will be expected to seek shareholder approval for the cancellation of its AIM admission at the same time as it seeks permission for the fundamental disposal. Grandfathering provisions apply, meaning any company that became an investing company before 1 January 2016 will be subject to the old rules, which stipulate a twelve month deadline for undertaking a reverse takeover or evidencing the implementation an investment policy. Note for Nomads Finally, the Guidance to the AIM Rules has been updated and now requires Nomads to notify the Exchange when an AIM company becomes an AIM Rule 15 cash shell, or when there is a possibility of such occurrence.  If you have any questions concerning these developing issues, please do not hesitate to contact any of the following Paul Hastings London lawyers: Ronan P. O’Sullivan 44.020.3023.5127 ronanosullivan@paulhastings.com Matthew Poxon 44.020.3023.5171 matthewpoxon@paulhastings.com Sam Holdsworth 44.020.3023.5143 samholdsworth@paulhastings.com Paul Hastings LLP Stay Current is published solely for the interests of friends and clients of Paul Hastings LLP and should in no way be relied upon or construed as legal advice. The views expressed in this publication reflect those of the authors and not necessarily the views of Paul Hastings.

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