Stagecoach Group PLC Stagecoach Group Plc: Notice Of Adoption Of Frs 101 - Reduced Disclosure Framework
April 01 2016 - 7:00AM
UK Regulatory
TIDMSGC
Notification to Shareholders in accordance with FRS 101
Stagecoach Group plc has posted a letter to its shareholders relating to
the adoption of FRS 101 Reduced Disclosure Framework. This included an
accompanying letter concerning electronic communications with
shareholders. The full text of the FRS 101 letter is set out below.
Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"):
Reduced Disclosure Framework
We wish to notify you about certain proposed changes to the information
that will be disclosed in Stagecoach Group plc's (the "Company") parent
company financial statements contained in the Company's future annual
report and accounts.
A new UK GAAP accounting framework introduced by the Financial Reporting
Council ("FRC") became mandatorily effective for the financial
statements of UK companies with accounting periods commencing on or
after 1 January 2015. Under this new framework, the Company is required
to elect to prepare its parent company financial statements on one of
the bases permitted by the FRC. The Company will continue to prepare
consolidated accounts in accordance with EU-adopted International
Financial Reporting Standards as these remain unaffected by the new
accounting framework.
The Company however proposes to adopt FRS 101, a reduced disclosure
regime, for its parent company financial statements for the year ending
30 April 2016 and on an ongoing basis until such time as the Company
notifies shareholders of any change to its chosen accounting framework
for the parent company financial statements.
The Company's election to adopt FRS 101 for its parent company's
financial statements does not require shareholder approval. However, as
stipulated in FRS 101, the Company is required to notify all
shareholders of this election. 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 Stagecoach Group plc, 10 Dunkeld Road, Perth
PH1 5TW, United Kingdom by no later than 29 April 2016.
If you do not object to the proposal, no further action is necessary.
In accordance with the Financial Conduct Authority ("FCA") Listing Rule
9.6.1, a copy of the notification and the electronic communications
letter sent to shareholders have been submitted to the National Storage
Mechanism and will shortly be available at
http://www.morningstar.co.uk/uk/NSM.
This announcement is made pursuant to FCA Listing Rule 9.6.3.
For further information, please contact:
Stagecoach Group plc
www.stagecoach.com
Mike Vaux, Company Secretary
01738 442111
1 April 2016
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Stagecoach Group PLC via Globenewswire
HUG#1999538
http://www.stagecoachgroup.com
(END) Dow Jones Newswires
April 01, 2016 07:00 ET (11:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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