Notification of Adoption of FRS 101

RNS Number : 1823F

Greencore Group PLC

26 July 2016

 

26 July 2016

GREENCORE GROUP PLC

Notification to Shareholders of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework.

The Greencore Group plc ("Greencore") parent company financial statements contained in the Annual Report and Financial Statements for the financial period ended 25 September 2015 (the "FY15 Annual Report"), which can be found on Greencore's website, www.greencore.com, were prepared in accordance with Generally Accepted Accounting Practice in Ireland ("Irish GAAP").

A new Irish GAAP accounting framework introduced by the Financial Reporting Council ("FRC") and promulgated by the Institute of Chartered Accountants in Ireland, becomes mandatorily effective for the financial statements of UK and Irish 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.

Greencore has elected to adopt FRS 101, a reduced disclosure regime, for its parent company financial statements for the year ending on 30 September 2016 and on an ongoing basis until such time as Greencore 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 Group Company Secretary, No. 2 Northwood Avenue, Northwood Business Park, Santry, Dublin 9, Ireland no later than 26 August 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.

For further information:

Conor O'Leary

Group Company Secretary

Tel: + 353 1 605 1018

 

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