Notification of Adoption of FRS 101

RNS Number : 2512G

Brighton Pier Group PLC (The)

04 August 2016

 

4 August 2016

The Brighton Pier Group PLC

("Brighton Pier Group" or the "Company")

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

Brighton Pier Group has posted a letter to its shareholders relating to the adoption of FRS 101, the content of which is reproduced below.

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

We wish to notify you about certain proposed changes to the information that will be disclosed in The Brighton Pier Group PLC's (the "Company" or the "Group") parent company financial statements contained in the Company's future annual report and accounts.

A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") became 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 and subsidiary company financial statements on one of the bases permitted by the FRC. The Company will continue to prepare consolidated accounts in accordance with EU-adopted International Financial Reporting Standards as these remain unaffected by the new accounting framework.

The Board considers that it is in the best interests of the Company to adopt FRS 101, a reduced disclosure regime, for its parent company and subsidiary company financial statements for the year ending 26 June 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.   For the avoidance of doubt, the adoption of FRS 101 will not change the presentation of the Group's consolidated accounts.

The Company's election to adopt FRS 101 for its parent company's financial statements does not require shareholder approval. However, as stipulated 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 object. Objections must be served in writing and delivered to the Company Secretary at Brighton Pier Group Plc, 36 Drury Lane, London, WC2B 5RR, United Kingdom by no later than 30 August 2016.

Enquiries:

The Brighton Pier Group PLC
John Smith, Chief Financial Officer and Company Secretary	Tel: [phone]
Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker)	Tel: [phone]
Corporate Finance
Andrew Godber / Atholl Tweedie / Duncan Monteith
Corporate Broking
Charles Leigh-Pemberton
Arden Partners plc (Joint Broker)	Tel: [phone]
Corporate Finance
James Felix / Benjamin Cryer
Corporate Broking
Ed Walsh / Jonathan Keeling
Maitland (Financial Communications Advisers)	Tel: [phone]
James Devas
Robbie Hynes

Website: www.brightonpiergroup.com

 

END

 

 

MSCLIFVTTLISIIR