Substantial shareholdings

The Company’s issued share capital consists of 27,849,389 ordinary shares with a nominal value of
10 pence each (“Ordinary Shares”), each share having equal voting rights.

The interests in excess of 3.0% of the issued ordinary share capital of the Company which have been
notified as at 31 December 2017 were as follows, representing 66.2% of the total issued ordinary
share capital:


  Ordinary shares of 10p each Percentage of ordinary shares %
Octopus Investments 4,203,146 15.1
Cat Rock Capital Management 2,254,111 8.1
Employee Benefit Trust 2,220,400 8.0
Aberdeen Standard Investments (Standard Life) 1,587,617 5.7
Directors of the company (see below) 1,549,629 5.6
River and  Mercantile Asset Management 1,483,600 5.3
Legal and General Investment 1,323,929 4.8
Invesco Perpetual 1,059,534 3.8
Living Bridge 929,134 3.3
Slater Investments 916,775


Hargreave Hale- Stockbrokers 901,680



The shareholding for Directors of the company disclosed above excludes shares held under the
Company’s Joint Share Ownership Plan (“JSOP”) in which they are beneficial co-owner of shares.
Details of such shareholdings are given in the Report on Directors’ remuneration in the 2016 Annual

In accordance with the AIM Rule 26, in so far as the Company is aware, the percentage of
the Company’s issued share capital that is not in public hands is 3,770,029 and 13.5% respectively.
This percentage comprises the holdings of Directors of the company and the Employee Benefit Trust
(the Company’s Joint Share Ownership Plan).


Directors’ shareholdings

The beneficial holdings of the directors in the Company’s issued share capital at 31 December 2017
are as follows:

  Ordinary shares of 10p each % of total in issue
Andy Hogarth 1,513,629 5.4%
John Crabtree 20,250 0.1%
Diane Martyn 3,750 -
Chris Pullen 12,000 -
  1,549,629 5.6%

In addition, a pension fund established for the benefit of Andy Hogarth holds 46,875 shares in the Company.