Adoption of Financial Reporting Standard 101

RNS Number : 8428N

Maintel Holdings PLC

02 February 2016

 

Maintel Holdings Plc ("Maintel" or "the Company")

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

Following the publication of FRS 100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, Maintel Holdings Plc is required to change its accounting framework for its entity financial statements and those of its subsidiaries which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP).  It is intended for the period ended 31 December 2015 and future years that the parent entity and its subsidiaries adopt FRS 101 "Reduced Disclosure Framework", based on International Financial Reporting Standards (IFRSs) as adopted by the European Union.

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

The Company's decision to adopt FRS 101 does not require shareholder approval. However objections to its adoption 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 Dale Todd, the Company's Finance Director at its registered office (160 Blackfriars Road, London SE1 8EZ) not later than 3 March 2016.

2 February 2016

Enquiries:

Dale Todd - Finance Director 020 7401 0562

FinnCap

Jonny Franklin-Adams / Emily Watts 020 7220 0500

 

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