Last checked at 1 Feb 2016 12:48
1 February 2016
Fairpoint Group plc
Adoption of Financial Reporting Standard FRS 102
Fairpoint Group plc ("Fairpoint" or "the Company" or "the Group"), one of the UK's leading providers of consumer professional services, announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its Company financial statements and in particular those of its subsidiaries, which currently adopt United Kingdom Generally Accepted Accounting Practice (UK GAAP).
Fairpoint Group Plc's consolidated financial statements, which cover the Group as a whole, will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group's financial statements are unaffected by this adoption going forward and do not require any changes to be made to historic reported numbers.
Having taken appropriate professional advice, the Board considers that it is in the best interests of the Group for the Company and its subsidiaries to adopt FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland. It is intended that for the year ended 31 December 2015 and for future accounting periods FRS 102 is adopted, and the disclosure exemptions permitted under FRS 102 are applied.
The Company's decision to adopt FRS 102 for its parent entity financial statements and those of its subsidiaries does not require shareholder approval. However, due to the election to take certain disclosure exemptions permitted under FRS 102, the Company is required to notify 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 to the Company Secretary at the Company's registered office (Eversheds House, 70 Great Bridgewater Street, Manchester, M1 5ES) no later than 2 March 2016.
Enquiries please contact:
Fairpoint Group plc
Chris Moat, Chief Executive Officer 0845 296 0100
John Gittins, Group Finance Director
Shore Capital (Nomad and Joint Broker)
Pascal Keane 020 7408 4090
Edward Mansfield
Panmure Gordon & Co (Joint Broker)
Dominic Morley 020 7866 2500
Charles Leigh-Pemberton
MHP Communications
Reg Hoare 020 3128 8100
Katie Hunt