Notification of Adoption of FRS 101

RNS Number : 1992N

Anglo Asian Mining PLC

28 January 2016

 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

28 January 2016

Anglo Asian Mining plc

Notification of Adoption of FRS 101

Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that it today sent a letter to shareholders, the content of which is set out below:

Parent company financial statements year ended 31 December 2015.

Notification of adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework

The parent company financial statements for Anglo Asian Mining PLC (the "Company") contained within the Company's annual report and accounts 2014 were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP").

A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes mandatorily effective for the financial statements of United Kingdom 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 new bases permitted by the FRC. The consolidated group financial statements of the Company will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.

The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" for the preparation of the parent company financial statements for the year ended 31 December 2015 which will be included in the Company's annual report for 2015.  The Company will take advantage of the disclosure exemptions allowed under FRS 101. Accordingly, the disclosures in the parent company financial statements prepared under FRS 101 are expected to be the same, or follow closely, those previously reported under UK GAAP.

The Company's decision to adopt FRS 101 for its parent company's financial statements does not require shareholder approval. However, as set out in FRS 101, the Company is required to notify all 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 Anglo Asian Mining PLC, 7 Devonshire Square, Cutlers Gardens London EC2M 4YH, United Kingdom no later than Friday 19 February 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 visit www.angloasianmining.com or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Bill Morgan	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: [phone]
Laura Harrison	SP Angel Corporate Finance LLP	Tel + 44 (0) 20 3470 0470
Felicity Winkles	St Brides Partners Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]

 

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