Adoption of Financial Reporting Standard (FRS) 101

RNS Number : 1897Q

Hostelworld Group PLC

26 February 2016

 

Hostelworld Group plc ("Hostelworld")

26 February 2016

Notification to Shareholders of Adoption of Financial Reporting Standard 101 ("FRS 101") for Hostelworld Group plc entity financial statements and Disclosure of Home Member State

On 25 February 2016, Hostelworld posted a letter to shareholders, the full text of which is set out below.

Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework for Hostelworld Group plc entity financial statements

Following the publication of FRS 101, "Application of financial reporting requirements" by the Financial Reporting Council ("FRC"), Hostelworld Group plc ("Hostelworld") is able to elect to prepare its entity financial statements in accordance with FRS 101, a reduced disclosure regime.

Hostelworld proposes to adopt FRS 101, a reduced disclosure regime, for its entity financial statements for the year ended 31 December 2015 and on an ongoing basis until such time as Hostelworld notifies shareholders of any change to its chosen accounting framework for its entity financial statements.  Hostelworld's consolidated group financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

Hostelworld's election to adopt FRS 101 for its entity financial statements does not require shareholder approval. However, as stipulated in FRS 101, Hostelworld 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 Hostelworld may serve an objection. Objections must be served in writing and delivered to the Company Secretary at Hostelworld Group plc, High Holborn House, 52-54 High Holborn, London WC1V 6RL, United Kingdom by no later than 11 March 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 the purposes of the Transparency Directive, the Home Member State of Hostelworld Group plc is the United Kingdom.

Contacts:           

Hostelworld Group plc

Mari Hurley, Company Secretary

Tel:  [phone]

Weber Shandwick

Nick Oborne

Tom Jenkins

Tel: [phone]

 

END

 

 

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