Notice of Adoption of FRS 101

RNS Number : 2008Q

Premier Foods plc

25 February 2016

 

25 February 2016

Premier Foods plc ("Premier Foods" or the "Company")

Notification to Shareholders in accordance with FRS 101

On 24 February 2016, Premier Foods posted a letter to shareholders, the full text of which is set out below:

Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework

The Premier Foods plc (the "Company") parent company financial statements contained in the annual report and accounts for the financial period ended 4 April 2015 (the "2014/15 Annual Report") were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The 2014/15 Annual Report can be found on the Company's website at www.premierfoods.co.uk.

A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes mandatorily effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, the Company is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC. The consolidated financial statements of the Company's group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework. Further information on FRS 101 is available on the website of the FRC, www.frc.org.uk.

The Company has elected to adopt FRS 101, a reduced disclosure regime, for its parent company financial statements for the year ending on 2 April 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent company financial statements.

The election to adopt the disclosure exemptions within FRS 101 for the parent company financial statements does not require shareholder approval.  However, as stipulated in FRS 101, the Company is required to notify all shareholders of this proposed adoption of the FRS 101 disclosure exemptions. Any shareholder, or shareholders, holding in aggregate 5 per cent or more of the total allotted shares in the Company may serve an objection. Objections must be served in writing and delivered to the General Counsel & Company Secretary at Premier Foods plc, Premier House, Centrium Business Park, Griffiths Way, St Albans Hertfordshire, AL1 2RE, United Kingdom by no later than 24 March 2016.

In accordance with Listing Rule 9.6.1, a copy of the notification sent to shareholders has been submitted to the National Storage Mechanism and will shortly be available at www.hemscott.com/nsm.do.

This announcement is made pursuant to Listing Rule 9.6.3.

Ends

For more information, please contact:

Andrew McDonald, General Counsel

& Company Secretary                                                                        + 44 (0) 1727 815850

 

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