Trakm8 Holdings PLC Adoption of Financial Reporting Standard (FRS) 101 (1384C)
June 23 2016 - 12:17PM
UK Regulatory
TIDMTRAK
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 +44 1747 858444
John Watkins, Executive Chairman
James Hedges, Finance Director
MHP Communications (Financial
PR to Trakm8) +44 20 3128 8100
Reg Hoare / Jade Neal / Charlotte
Coulson
finnCap (Nomad & Broker to
Trakm8) +44 20 7220 0500
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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