Notification to Shareholders

RNS Number : 6979S

Elecosoft PLC

21 March 2016

 

21 March 2016

Elecosoft plc

("Elecosoft" or the "Company")

Notification to Shareholders in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Adoption of Financial Reporting Standard (FRS) 102 for parent company financial statements

Following the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC), Elecosoft plc is required to change the accounting framework for its parent entity financial statements and those of its subsidiaries, which have up until now adopted UK Generally Accepted Accounting Practice (UK GAAP).

The consolidated financial statements of the Group are and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS), and no changes are required. For the individual accounts of the parent entity and its UK subsidiaries, the Board considers that it is in the best interests of the Group to adopt FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The Company's decision to adopt FRS 102 for its parent entity financial statements and those of its UK subsidiaries does not require shareholder approval. However, due to the election to take the disclosure exemptions permitted under FRS 102, the Company is required to notify all shareholders of this election. No disclosures in the previous UK GAAP financial statements would be omitted on adoption of the disclosure exemptions under FRS 102.

Any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office at 66 Clifton Street, London, EC2A 4HB not later than 4 April 2016.

This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.

For further information please contact:
Elecosoft plc JHB Ketteley , Executive Chairman	www.eleco.com Tel: [phone]
Nick Caw, Chief Executive Officer
finnCap Ltd
Geoff Nash / Kate Bannatyne (Corporate Finance) Malar Velaigam (Corporate Broking)	Tel: [phone]
Redleaf Communications
Rebecca Sanders-Hewett / David Ison / Susie Hudson	Tel: [phone] [e-mail]

About Elecosoft plc

Elecosoft plc specialises in the development and delivery of integrated software and services solutions to the global Architectural, Engineering and Construction industry.  Their solutions cover the full project lifecycle with offerings that help bring together project management, construction, timber engineering, design, 3D visualisation and marketing communities.

The Group operates principally in Sweden, Germany, the UK and increasingly in other markets worldwide.

Elecosoft plc is listed on the Alternative Investment Market in London (AIM: ELCO).

For more information please visit www.elecosoft.com

 

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