Ordinary shares

3 Months Ended

Mar. 31, 2022

Ordinary shares.

Ordinary shares

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7. Ordinary shares

Each holder of ordinary shares is entitled to one vote per ordinary share and to receive dividends when and if such dividends are recommended by the board of directors and declared by the shareholders. Holders of ADSs are not treated as holders of the Company’s ordinary shares, unless they withdraw the ordinary shares underlying their ADSs in accordance with the deposit agreement and applicable laws and regulations. The depositary is the holder of the ordinary shares underlying the ADSs. Holders of ADSs therefore do not have any rights as holders of the Company’s ordinary shares, other than the rights that they have pursuant to the deposit agreement with the depositary. As of March 31, 2022 and 2021, the Company had not declared any dividends.

As of March 31, 2022, and December 31, 2021, the Company’s authorized share capital consisted of 57,070,181 and 55,295,420 respectively, ordinary shares with a nominal value of £0.01 per share.