Adoption of Financial Reporting Standard FRS 102

RNS Number : 3025N

Amino Technologies PLC

25 October 2016

 

25 October 2016

AMINO TECHNOLOGIES PLC

("Amino", the "Company" or the "Group")

Amino Technologies plc (the Company) has today sent a notice to shareholders, the full text of which is set out below.

Adoption of Financial Reporting Standard FRS 102

Amino Technologies plc (LSE: AMO), the Cambridge-based provider of digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its Company and subsidiary financial statements which currently adopt United Kingdom Generally Accepted Accounting Practice (UK GAAP).

Amino Technologies plc's consolidated financial statements, which cover the Group as a whole, will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group's financial statements are unaffected by this adoption going forward and do not require any changes to be made to historic reported numbers.

The Board considers that it is in the best interests of the Group for the Company and its subsidiaries to adopt FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland. It is intended that for the year ending 30 November 2016 and for future accounting periods FRS 102 is adopted, and the relevant disclosure exemptions permitted under FRS 102 are applied. These disclosure exemptions are consistent with those adopted in the financial statements for the year ended 30 November 2015 as produced under the then applicable UK GAAP.

 The Company's election to adopt FRS 102 for its parent company financial statements does not require shareholder approval. However, as stipulated in FRS 102, the Company is required to notify shareholders of this election.  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 Company Secretary at Amino Technologies plc, Prospect House, Buckingway Business Park, Anderson Road, Swavesey, Cambridgeshire CB24 4UQ no later than Monday 28 November 2016.

For further information please contact:

Amino Technologies plc	[phone]
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
finnCap Ltd (NOMAD and Joint Broker)	[phone]
Matt Goode / Carl Holmes /Simon Hicks (Corporate Finance) Simon Johnson / Tim Redfern  (Corporate Broking)
Canaccord Genuity Limited (Joint Broker and Financial Adviser)	[phone]
Simon Bridges / James Craven / Emma Gabriel
FTI Consulting LLP (Financial PR)	[phone]
Chris Lane / Alex Le May / Darius Alexander

About Amino Technologies plc

Amino Technologies plc specialises in the development and delivery of IPTV/OTT solutions. With over seven million devices sold to 1,000 customers in 100 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino Technologies plc is headquartered near Cambridge, in the UK, and is listed on the AIM market of the London Stock Exchange (AIM: symbol AMO). www.aminocom.com

 

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