26 Jan 2016 09:38
26 January 2016
Premier Technical Services Group PLC
("PTSG" or the "Group")
Notification to Shareholders in accordance with FRS 101
PTSG, the niche specialist services provider announces that it today sent a letter to shareholders, the content of which is set out below:
Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework
The financial statements for the year ended 31 December 2014 of Premier Technical Services Group plc (the "Company"), the parent company of the Premier Technical Services Group, were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).
Following the publication of FRS 100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, the Company is required to change its accounting framework for its parent company financial statements for the accounting period beginning on 1 January 2015.
The Company therefore proposes to adopt FRS 101 "Reduced Disclosure Framework" and to take advantage of the permitted election to the disclosure exemptions allowed under FRS 101. As a result of taking the possible disclosure exemptions permitted under FRS 101, disclosures are expected to be the same as, or follow closely those reported under current UK GAAP.
The Company's decision to adopt FRS 101 does not require shareholder approval. However, due to the election to take the possible disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5% 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 the Company's registered office (13 Flemming Court, Whistler Drive, Castleford, WF10 5HW) not later than 15 February 2016.
This notification will apply on an ongoing basis until such time as the Company notifies its 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 International Financial Accounting Standards (IFRS) and are unaffected by this new accounting framework.
For further information, please contact:
PTSG | +44 (0)1977 668 771 |
Paul Teasdale, Chief Executive Officer
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N+1 Singer | +44 (0)207 496 3000 |
Sandy Fraser / James White
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Hudson Sandler | +44 (0)207 796 4133 |
Cat Valentine / Katie Matthews |
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About PTSG - www.ptsg.co.uk
PTSG is the UK's leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.
Operating through four divisions, Access & Safety, Electrical Services, High Level Cleaning and Training Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.
PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice. PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.
Headquartered in Castleford, West Yorkshire, the Group employs more than 300 people across 13 UK sites, who service more than 100,000 buildings across the whole of the UK for over 10,000 customers in a wide range of industries.