Staffline Group PLC Notification to Shareholders (7898N)
October 31 2016 - 2:00AM
UK Regulatory
TIDMSTAF
RNS Number : 7898N
Staffline Group PLC
31 October 2016
For Immediate Release 31 October 2016
STAFFLINE GROUP PLC
("Staffline" or "the Group")
Notification to Shareholders in accordance with FRS 101
Notification to shareholders on parent company financial
statements: Adoption of Financial Reporting Standard 101 - Reduced
Disclosure Framework.
A new UK Generally Accepted Accounting Practice ("UK GAAP")
accounting framework introduced by the Financial Reporting Council
("FRC") became mandatorily effective for the financial statements
of UK companies in 2015. Under this new framework, the Company is
required to prepare its parent company financial statements for its
financial year commencing 1 January 2015 on one of the new bases
permitted by the FRC.
The financial statements for the year ended 31 December 2015 of
Staffline Group plc (the "Company"), as set out on pages 60 to 73
of the 2015 Annual Report, were prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU").
The Company proposes to adopt FRS 101 "Reduced Disclosure
Framework" and to take advantage of the permitted election to the
disclosure exemptions allowed under FRS 101 for the year ended 31
December 2016. As a result of taking the possible disclosure
exemptions permitted under FRS 101, disclosures are expected to be
the same as, or follow closely, those reported under UK GAAP.
The Company's decision to adopt FRS 101 does not require
shareholder approval. However, due to the election to take the
possible disclosure exemptions permitted under FRS 101, the Company
is required to notify all shareholders of this election and 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
the Company's registered office (19-20 The Triangle, NG2 Business
Park, Nottingham, NG2 1AE) not later than one month from the date
of this announcement.
This notification will apply on an ongoing basis until such time
as the Company 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 IFRS as adopted by the EU.
For further information, please
contact:
Staffline Group plc
Chris Pullen, Chief Financial
Officer 0115 950 0885
Paul Collins, Company Secretary
Liberum Capital Limited NOMAD
& Joint Broker 020 3100 2222
Steve Pearce / Steve Tredget
/ Richard Bootle
Berenberg Joint Broker
Chris Bowman/ Marie Stolberg 020 3465 2722
Buchanan 020 7466 5000
Sophie McNulty / Jane Glover staffline@buchanan.uk.com
About Staffline
Staffline is a leading outsourcing organisation providing
Staffing services to industry, supplying up to 45,000 workers every
day to more than 1,300 clients. The Group is also a leading
provider of services in to the Government funded Welfare to Work
and Skills arena across the UK.
The business comprises two key areas:
Staffing Services
Specialising in providing complete labour solutions in
agriculture, food processing, manufacturing, e-retail, driving and
the logistics sectors, the Staffing business operates from well
over 300 locations in the UK, Eire and Poland.
The Staffing brands include:
-- Staffline OnSite, based on clients' premises and providing
both blue and white collar, out-sourced, temporary workforces
-- Select Appointments, a high street branch-based operation
providing white collar office staff, operated entirely on a
franchised basis by independent business owners
-- Staffline Express, a high street branch based operation
-- Driving Plus, providing HGV drivers to the driving industry
-- Staffline Agriculture, providing workers to the UK farming and growing sectors
Employability
PeoplePlus is one of the largest Prime Contractors of the Work
Programme in the UK with over 150 locations nationwide. Contracts
include:
-- Work Programme, prime contractor in nine regions in England and six sub-contacted regions
-- Steps to Success, prime contractor in Northern Ireland
-- Skills Funding Agency - managing the Offender's Learning and Skills Service ("OLASS 4")
-- The Money Advice Service ("TMAS")
-- Independent Living Services
-- New Enterprise Allowance scheme - supporting people to become self-employed
-- Suffolk County Council MyGo centre supporting youth employment
-- Ministry of Justice Transforming Rehabilitation in Warwickshire and West Mercia
The Group also operates in the Kingdom of Saudi Arabia and
Australia and provides training services in the UK through:
-- Elpis, a national training consultancy,
-- Learning Plus, an e-learning platform
-- Skillspoint, a procurement consultancy specialising in
helping employers benefit from government
funded, work-based training
This information is provided by RNS
The company news service from the London Stock Exchange
END
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