Last checked at 10 Feb 2016 07:00
NOTIFICATION TO SHAREHOLDERS IN ACCORDANCE WITH FRS 101
Synthomer plc has today posted a letter to shareholders, the full text of which is set out below.
Dear Shareholder
NOTIFICATION TO SHAREHOLDERS IN ACCORDANCE WITH FRS 101
On 1 January 2015 a new UK GAAP reporting regime became effective and, as a result, Synthomer plc ("the Company"), the parent company of the Synthomer Group, is obliged to transition to a replacement accounting framework for its financial statements for the financial year ended 31 December 2015. Accordingly, consistent with UK listed company market practice, your Board has decided to adopt FRS 101 "Reduced Disclosure Framework" for its Company financial statements. In this connection it is possible to elect to take advantage of disclosure exemptions, however, the Company disclosures are expected to be the same as, or follow closely, those reported under previous UK GAAP. There is no change to the accounting framework for the Group's consolidated financial statements, which will continue to be prepared in accordance with International Financial Reporting Standards, as adopted in the European Union.
Whilst your Board's decision does not require shareholder approval we are required under the rules issued by the Financial Reporting Council to inform our shareholders about the adoption of FRS 101, and to provide a reasonable opportunity for our shareholders to object. You do not need to reply to this letter, but any shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in Synthomer plc can object to the adoption of FRS 101, if they wish to do so, by writing to the Company Secretary at Synthomer plc, Central Road, Harlow, Essex, CM20 2BH before 26 February 2016.
The election will apply on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for its financial statements.
Contact: Richard Atkinson, Company Secretary
Stephen Bennett, Chief Financial Officer
UK Switchboard: +44 (0)1279 436 211