37. A description of the issuer's principal activities and any exceptional factors that have influenced its activities.
38. A statement of any dependence of the issuer on patents or other intellectual property rights, licences or particular contracts, where any of these are of fundamental importance to the issuer's business.
39. With regard to risk factors—
(a) list in order of importance the factors which the issuer considers to be the most substantial risks to an investor in this offering amongst them the following—
(i) untested products,
(ii) cash-flow or liquidity problems,
(iii) dependence upon a key supplier or customer,
(iv) management inexperience,
(v) nature of business,
(vi) absence of a trading market; and
(b) state which constitute the greatest threat that an investment may be lost in whole or part, or not provide an adequate return.
40. Information regarding investments in progress where they are significant.
41. Information on any legal or arbitration proceedings, active, pending or threatened against, or being brought by, the issuer or any member of its group which are having or may have a significant effect on the issuer's financial position.