Robert Ware, Independent Chairman

Robert Ware served as a director of Development Securities plc between 1988 and 1994, filling the roles of joint managing director and finance director in the latter stage of his tenure. In 1994 he left to take up the position of managing director of Dunton Group plc where he stayed until November 1996. He joined MEPC plc in June 1997 serving first as corporate development director and then as deputy chief executive between June 1997 and June 2003. He is chief executive of The Conygar Investment Company PLC, and a non-executive director of Tarsus Group plc, Marwyn Value Investors Limited, Marwyn Value Investors II Limited, Gartmore Growth Opportunities plc and NR Nordic and Russia Properties Ltd.

Michael Haxby, Non-executive

Michael Haxby joined Laxey Partners Ltd in February 2001 and became an executive director of Laxey in December 2001. He manages the global risk for Laxey's funds including currency hedging. He is also responsible for the coordination, integration and protection of Laxey's IT systems and the development and maintenance of fund management investment tools. Prior to joining Laxey, he worked with the principals of Laxey, in various back office, analysis and trading roles at Regent Kingpin Capital Management and Buchanan Partners.

Martin Adams, Independent Non-executive

Martin Adams, is an independent specialist in the management and restructuring of funds and private investments principally in emerging markets. He has over 25 years’ investment and banking experience in Asia and Europe. He is the Chairman of Kubera Cross-Border Fund Limited, Trikona Trinity Capital Plc and The First Hungary Fund Limited (in liquidation), Managing Director of VFMC Limited (the parent company of Vietnam Fund Management Company Limited ("VFMC") and a non executive director of ARC Capital Holdings Limited, Metage Funds Limited, Metage Special Emerging Markets Fund Limited and Armadillo Investments Limited (in liquidation). Prior to establishing VFMC in 1991, Martin worked for the Lloyds Bank group for 10 years where he was based in the United Kingdom, the Netherlands, Portugal and Hong Kong. He holds an M.A. (Hons.) in Economic Science.