21 Mar 2016 17:12
Johnston Press plc (the "Company")
21 March 2016
The full text of a letter dated 21 March 2016 to be issued to shareholders is set out below.
Notice of Adoption of Financial Reporting Standard 102 ("FRS 102"): Reduced Disclosure Framework.
The financial statements for the Company for the year ended 3 January 2015 were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP").
A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes 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 prepare its parent company financial statements for its financial year commencing 4 January 2015 on one of the bases permitted by the FRC.
The Company's subsidiary, Johnston Press Bond plc adopted FRS102 for the period ended 3 January 2015. The disclosures have been assessed to be the same as, or follow closely, those reported under UK GAAP (taking account of the possible disclosure exemptions permitted by it). The Company therefore proposes to adopt FRS102 on behalf of itself and its subsidiaries for the period ended 2 January 2016.
The consolidated financial statements of the Group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by the new accounting framework.
Due to the election to take the possible exemptions permitted under FRS102, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent. or more of the total share capital of the Company may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office (Orchard Brae House, 30 Queensferry Road, Edinburgh EH4 2HS) not later than 22 April 2016.
This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any changes to the chosen accounting framework for parent company financial statements.
Please note that if you do not have any objections to this proposal, you do not need to take any further action.
In accordance with Listing Rule 9.6.1, a copy of the notification 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.