Notice of adoption of FRS 101

RNS Number : 0681X

Redcentric PLC

03 May 2016

 

3 May 2016

Redcentric plc

("Redcentric" or the "Company")

Notification to Shareholders of Adoption of Financial Reporting Standard (FRS) 101

Redcentric plc (AIM:RCN), a leading UK IT managed services provider, announces that it has sent a letter to its shareholders, the content of which is reproduced below:

Notification to shareholders on parent company financial statements: Adoption of Financial reporting Standard (FRS) 101 - Reduced Disclosure Framework

A new UK GAAP accounting framework introduced by the Financial Reporting Council ('FRC') becomes mandatorily effective for financial statements commencing on or after 1 January 2015.  This new framework requires the company to elect to prepare its parent company financial statements on one of the bases permitted by the FRC. Up until now Redcentric's consolidated group accounts have been prepared in accordance with International Financial Accounting Standards but the individual Redcentric plc ("Company") and subsidiary company accounts have been prepared in accordance with UK GAAP. Redcentric therefore considers it is in the best interests of the group to adopt "FRS 101 - Reduced Disclosure Framework". This will help to align the standards used for the preparation of the company accounts with the standards used for the consolidated group accounts.

For the avoidance of doubt, the adoption of FRS 101 will not in any way change the presentation of Redcentric's consolidated group accounts,  nor will any of the current disclosures in the individual Company financial statements be omitted on the adoption of FRS 101.

Before the Company can make the change, it first needs to notify shareholders. A shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in Redcentric plc may serve objections to the adoption of FRS 101. Objections to this proposed change of accounting standard should be sent in writing to the Company Secretary, Central House, Beckwith Knowle, Harrogate, HG3 1UG no later than 3 June 2016. A copy of this notification will be published on the Company's website at www.redcentricplc.com/about-us/investors.

Enquiries:

Redcentric plc	[phone]
Fraser Fisher, Chief Executive Officer
Tim Coleman, Chief Financial Officer
Numis Securities Limited - Nomad & Joint Broker	[phone]
Simon Willis / Oliver Hardy / Ben Stoop
finnCap Ltd - Joint Broker	[phone]
Stuart Andrews / Rhys Williams
MXC Capital Markets LLP - Financial Adviser	[phone]
Marc Young / Charlotte Stranner
Tulchan	[phone]
James Macey White / Matt Low

 

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