Adoption of Financial Reporting Standard (FRS) 101

RNS Number : 1384C

Trakm8 Holdings PLC

23 June 2016

 

TRAKM8 HOLDINGS PLC

("Trakm8", the "Company")

Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework

Further to the announcement dated 4 March 2016 regarding the adoption of FRS "Reduced Disclosure Framework" the Company intends to take advantage of the following disclosure exemptions from the requirements of International Financial Reporting Standards (IFRS) in accordance with FRS 101.

• Paragraphs 45(b) and 46 to 52 of IFRS 2, 'Share based payment' (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined)

• IFRS 7, 'Financial Instruments: Disclosures'

• Paragraphs 91 to 99 of IFRS 13, 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities)

• Paragraph 38 of 'International Accounting Standard 1, Presentation of financial statements' (IAS1) comparative information requirements in respect of paragraph 79(a)(iv) of IAS1

• The following paragraphs of IAS1, 'Presentation of financial statements':

− 10(d) (statement of cash flows)

− 16 (statement of compliance with all IFRS)

− 38A (requirement for minimum of two primary statements, including cash flow statements)

− 38B-D (additional comparative information)

− 111 (cash flow statement information)

− 134-136 (capital management disclosures)

• IAS 7, 'Statement of cash flows'

• Paragraphs 30 and 31 of IAS 8, 'Accounting policies, changes in accounting estimates and errors' (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective)

• Paragraph 17 of IAS 24, 'Related party disclosures (key management compensation)

• The requirements of IAS 24, 'Related party disclosures' to disclose related party transactions entered into between two or more members of a group

Trakm8's consolidated financial statements are unaffected, and will continue to be prepared in accordance with IFRSs as adopted by the European Union.

Trakm8's decision to adoption of these disclosure exemptions do not require shareholder approval. However objections to these exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company, in writing, to James Hedges, the Company's Finance Director at the registered office at Lydden House, Wincombe Business Park, Shaftesbury, SP7 9QJ.

For further information please contact:

Trakm8 Holdings plc	[phone]
John Watkins, Executive Chairman James Hedges, Finance Director
MHP Communications (Financial PR to Trakm8)	[phone]
Reg Hoare / Jade Neal / Charlotte Coulson
finnCap (Nomad & Broker to Trakm8)	[phone]
Ed Frisby / Simon Hicks - corporate finance Joanna Scott - corporate broking

NOTES TO EDITORS

About Trakm8

Trakm8 Group is a UK based Big Data company utilising telematics as their primary enabler. Through IP owned technology, over two billion miles worth of data is collected annually through their fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.

With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.

The Group's portfolio offers complete telematics solutions, which since the acquisition of the assets of DCS Systems, includes dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.

Recently, the Group acquired Route Monkey, significantly enhancing the Group's Logistics solution which offers both route scheduling and optimisation, including routing for Electric Vehicles. 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

www.trakm8.com / @Trakm8   

 

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