Business
Notification to Shareholders
Notification to Shareholders.
About this update from Eleco Plc
[{"type":"text","content":"\n \nRNS Number : 6979S Elecosoft PLC 21 March 2016 \n\n \n21 March 2016\nElecosoft plc\n(\"Elecosoft\" or the \"Company\")\nNotification to Shareholders in accordance with FRS 102 \"The Financial Reporting Standard applicable in the UK and Republic of Ireland\"\nAdoption of Financial Reporting Standard (FRS) 102 for parent company financial statements\n \nFollowing the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC), Elecosoft plc is required to change the accounting framework for its parent entity financial statements and those of its subsidiaries, which have up until now adopted UK Generally Accepted Accounting Practice (UK GAAP).\n \nThe consolidated financial statements of the Group are and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS), and no changes are required. For the individual accounts of the parent entity and its UK subsidiaries, the Board considers that it is in the best interests of the Group to adopt FRS 102 \"The Financial Reporting Standard applicable in the UK and Republic of Ireland\". \n \nThe Company's decision to adopt FRS 102 for its parent entity financial statements and those of its UK subsidiaries does not require shareholder approval. However, due to the election to take the disclosure exemptions permitted under FRS 102, the Company is required to notify all shareholders of this election. No disclosures in the previous UK GAAP financial statements would be omitted on adoption of the disclosure exemptions under FRS 102.\n \nAny 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 at 66 Clifton Street, London, EC2A 4HB not later than 4 April 2016.\n \nThis 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.\n \n\n\n\n\nFor further information please contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nElecosoft plc\nJHB Ketteley , Executive Chairman\n\n\n \nwww.eleco.com\nTel: 0207 422 0044\n\n\n\n\nNick Caw, Chief Exec...