ABOUT SIRIUS NAVIGATION

Directors

There are currently four directors on the board of the company.  The directors are responsible for preparing the accounts in accordance with applicable law and regulations.  Company law requires the directors to prepare accounts for each financial year.  Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  The accounts are required by law to give a true and fair view of the state of affairs of the group and of the company and of the profit or loss of the group for that period.

In preparing the Company’s accounts, the directors are required to:

  * select suitable accounting policies and then apply them consistently;
  * make judgements and estimates that are reasonable and prudent;
  * state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
  * prepare the accounts on the going concern basis unless it is inappropriate to presume that the group will continue in business

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and to enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors will implement such corporate governance procedures and establish such committees of the Board as will be required, including audit and remuneration committees, for it to comply with the terms of the Combined Code upon completion of the first significant acquisition by the Company, in so far as is appropriate for a company of its size.  The directors have established financial controls and reporting procedures which are considered appropriate given the size and structure of the Company. These controls will be reviewed in light of significant acquisitions and adjusted accordingly.

Ajay Kejriwal, (Non-executive director)

Ajay Kejriwal has over 20 years’ experience in finance and commerce, and is currently a consultant to Juniper Capital, a natural resource investment and advisory business. Prior to Juniper he was Managing Director at Crosby Capital Partners Ltd where he led many investment transactions across oil and gas, mining, real estate and asset management sectors, and was a member of the firm’s Executive Committee. He previously worked for the Principal Investments business at Nomura in London and Hong Kong.  Steven also established the South Asian brokerage business for Cazenove & Co. and was previously an equities analyst at Morgan Stanley. Mr Kejriwal is a Chartered Accountant, having qualified with PriceWaterhouseCoopers in 1994.


Stephen Fletcher, (Finance Director)

Stephen Fletcher has over 25 years’ experience in investment banking and management consultancy.  He was formerly chief operating officer of AIM-quoted Crosby Capital Partners Ltd. and Hong Kong GEM listed Techpacific where he gained extensive experience of investing in natural resource companies, with a particular focus on the oil and gas industry.  Previously he worked as chief operating officer of Nomura’s International Markets Division and, prior to that, at Credit Suisse First Boston.  Stephen has a BA from Oxford University and graduated from Manchester Business School with an MBA in 1987.


Olukayode Kuti, (Chief Executive Officer)

Bobo Kuti joined the Board as a Non-Executive Director in August 2008.  Since joining Sirius, he has advised the Company on its geo-political and business development strategy for West Africa, and has been instrumental in successfully establishing the Company’s business network in Nigeria. He formerly worked as an investment advisor for the South African investment fund, Huxton Capital and has a Bachelor of Arts from Duke University, USA studying Economics & Psychology.


Jack Pryde, (Non-executive chairman)

Jack Pryde is a chartered certified accountant and has held various senior management positions in the investment banking industry. He is a former director and head of corporate finance at Henry Ansbacher & Co. and a former vice-president of corporate finance at Canaccord Capital. He left Jefferies International as director of equity capital markets in May 2010. He has extensive experience of advising companies in the resource and energy sectors.


Sirius Announcements

Equity Secured + Loan Term Sheet Agreed (25 Nov)

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Funding update (07 Nov)

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Further Funding Update & Formation of Technical Advisory Committee (16 Oct)

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