AIM Rule 26

Website last updated on 7 November 2017 in accordance with AIM Rule 26.

The following information is being disclosed for the purposes of Rule 26 of the AIM Rules for Companies.

Description of Business
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The names of the directors and biographical details
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Directors' responsibilities and Corporate Governance
The Board of Directors acknowledge the importance of corporate governance and Serica’s policy is to apply best practice and to adhere to the UK Corporate Governance Code as far as practicable and appropriate given the size and constitution of the Company.

The Board of the Company currently consists of three non-Executive Directors and the Executive Chairman of the Board .  Whilst the company has an Executive Chairman, Neil Pike continues to hold the position of Senior Independent Director which ensures that the appropriate level of balance is maintained on the Board. 

It is considered that the Board is of sufficient size and that the balance of skills and experience is appropriate for a company of Serica’s size, stage of development and business. All the non-Executive Directors are independent in character and judgement and have the range of experience and calibre to bring independent judgement on issues of strategy, performance, resources and standards of conduct which is vital to the success of the Group.

The Board retains full and effective control over the Company. The Company holds regular Board meetings at which financial, operational and other reports are considered and, where appropriate, voted on. The Board is responsible for the Group’s strategy, performance, key financial and compliance issues, approval of any major capital expenditure and the framework of internal controls. The matters reserved for the Board include, amongst others, approval of the Group’s long term objectives, policies and budgets, changes relating to the Group’s management structure, approval of the Group’s annual report and accounts and ensuring maintenance of sound systems of internal control.

There is a clearly defined organisational structure with lines of responsibility and delegation of authority to executive management. The Board is responsible for monitoring the activities of the executive management. The Chairman has the responsibility of ensuring that the Board discharges its responsibilities. In the event of an equality of votes at a meeting of the Board, the Chairman has a second or casting vote.

Other than Jeffrey Harris who represents Global Reserve Group, the Company’s largest shareholder, all of the non-Executive Directors meet the requirements of independence prescribed in the UK Code. There is no formal Board performance appraisal system in place but the Corporate Governance and Nomination Committee considers this as part of its remit.

Board committees
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Country of incorporation and main country of operation
Serica Energy plc is incorporated in England and Wales. Its main countries of operations are the United Kingdom, Ireland and Namibia.

Current constitutional documents
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Details of any other exchanges or trading platforms
The Company's shares are listed on AIM in London under ticker symbol SQZ and is a designated foreign issuer on the Canadian TSX.

Number of securities in issue
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Details of any restrictions on the transfer of securities
There are no restrictions on the transfer of securities.

Financial information
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Company announcements
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Admission document and circulars
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Takeover Code
The Company is subject to the rules of the UK City Code on Takeovers and Mergers.