Last checked at 10 Oct 2016 13:40
10 October 2016
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Notification to Shareholders in accordance with FRS 101
On 7 October 2016, the Company 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
We wish to notify you about certain proposed changes to the information that will be disclosed in Pressure Technologies plc's (the 'Company') parent company financial statements contained in the Company's future annual reports.
A new UK Generally Accepted Accounting Practice ("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.
We propose to adopt FRS 101, a reduced disclosure regime, for the year ended 1 October 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 consolidated financial statements of the Company will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.
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, it is required to notify all shareholders. 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 Company Secretary at Pressure Technologies plc, Newton Business Centre, Newton Chambers Road, Chapeltown, S35 2PH, United Kingdom by no later than 27 October 2016.
For further information, please contact:
Pressure Technologies plc Alex Tristram, Company Secretary Keeley Clarke, Investor Relations
| Tel: 0114 257 3622 www.pressuretechnologies.com |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) | Tel: 020 7894 7000 |
Philip Davies / Will Goode | |
Tavistock Simon Hudson
|
Tel: 020 7920 3150 |
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high-pressure systems serving the global energy, defence and industrial gases markets. Today it continues to serve those markets from a broader engineering base with specialist precision engineering businesses and has a worldwide presence in Alternative Energy as the global leader in biogas upgrading. On this foundation, the company is building a highly profitable group of companies through a combination of organic initiatives and acquisitions.
Pressure Technologies has four divisions, Precision Machined Components, Engineered Products, Cylinders and Alternative Energy, serving four markets: oil and gas, defence, industrial gases and alternative energy.
Precision Machined Components
· Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
· Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
· Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk
Engineered Products
· Hydratron, Manchester and Houston, acquired in 2010 www.hydratron.com
Cylinders
· Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 www.chesterfieldcylinders.com
· Kelley GTM Manufacturing, Amarillo - 40% stake acquired by the Group in December 2013 www.kelleygtm.com
Alternative Energy
· Chesterfield BioGas, Sheffield, founded in 2008. Renamed Greenlane Biogas UK on 5 June 2015.
· Greenlane, Vancouver, Canada and Auckland, New Zealand, acquired in October 2014 www.greenlanebiogas.com