Murgitroyd Group PLC Notification to Shareholders (8399D)
July 11 2016 - 7:46AM
UK Regulatory
TIDMMUR
RNS Number : 8399D
Murgitroyd Group PLC
11 July 2016
11 July 2016
Murgitroyd Group PLC ("the Group")
Notification to shareholders on parent company financial
statements
Adoption of Financial Reporting Standard (FRS) 101 - Reduced
Disclosure Framework
The financial statements for the year ended 31 May 2015 of
Murgitroyd Group PLC, the parent company of the group, were
prepared in accordance with UK Generally Accepted Accounting
Practice (UK GAAP).
Following the publication of FRS 100 "Application of Financial
Reporting Requirements" by the Financial Reporting Council, the
Group is required to change its accounting framework for its parent
company financial statements for the accounting period beginning on
1 June 2015.
The Board considers that it is in the best interests of the
Group for the parent company to adopt FRS 101 "Reduced Disclosure
Framework" and to take advantage of the permitted election to the
disclosure exemptions allowed under FRS 101. No disclosures in the
current UK GAAP financial statements would be omitted on adoption
of FRS 101.
Murgitroyd Group PLC's decision to adopt FRS 101 does not
require shareholder approval. However, the Group is required to
notify all shareholders of this election and any shareholder or
shareholders holding in aggregate 5% or more of the total allotted
shares in the Gompany may serve objections to the use of the
disclosure exemptions on Murgitroyd Group PLC, in writing, to its
registered office at Scotland House, 165-169 Scotland Street,
Glasgow, G5 8PL no later than 31 July 2016.
This notification will apply on an ongoing basis until such time
as the Group notifies its shareholders of any change to its chosen
accounting framework for the parent company financial
statements.
The consolidated financial statements of the group will continue
to be prepared in accordance with EU-adopted International
Financial Accounting Standards (IFRS) and are unaffected by this
new accounting framework.
For further information, please contact:
Keith Young, Murgitroyd Group PLC T: 07802 951913
Sandy Fraser, N+1 Singer (NOMAD and Broker) T: 0207 496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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