Last checked at 22 Dec 2015 15:00
Intertek Group plc
22 December 2015
Notification to Shareholders in accordance with FRS 101
On 21 December 2015, Intertek Group plc posted a letter to shareholders, the full text of which is set out below.
Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework
Intertek Group plc's ("the Company") parent company financial statements contained in the Intertek Group plc Annual Report for the year ended 31 December 2014 ("the 2014 Report") were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The 2014 Report can be found on the Company's website at www.intertek.com.
A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes 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 consolidated financial statements of the Company's group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.
The Company proposes to adopt FRS 101, a reduced disclosure regime, for its parent company financial statements for the year ended 31 December 2015 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 serve an objection. Objections must be served in writing and delivered to the Group Company Secretary at Intertek Group plc, 25 Savile Row, London, W1S 2ES, United Kingdom by no later than 18 January 2016.
In accordance with Listing Rule 9.6.1, a copy of the notification sent to shareholders has been submitted to the National Storage Mechanism and will shortly be available at www.hemscott.com/nsm.do.
This announcement is made pursuant to Listing Rule 9.6.3.
http://www.rns-pdf.londonstockexchange.com/rns/7238J_-2015-12-21.pdf
Contact: Fiona Evans, Company Secretary
Tel: 020 7396 3400