1st Feb 2016 12:39
Fairpoint Group plc / MiscellaneousAdoption of Financial Reporting Standard FRS 102 01-Feb-2016 / 13:39 CET/CESTDissemination of a Regulatory Announcement, transmitted by EQS Group AG.The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 1 February 2016 Fairpoint Group plc Adoption of Financial Reporting Standard FRS 102 Fairpoint Group plc ('Fairpoint' or 'the Company' or 'the Group'), one ofthe UK's leading providers of consumer professional services, announcesthat following the publication of FRS 100 'Application of FinancialReporting Requirements' by the Financial Reporting Council, the Company isrequired to change the accounting framework for its Company financialstatements and in particular those of its subsidiaries, which currentlyadopt United Kingdom Generally Accepted Accounting Practice (UK GAAP). Fairpoint Group Plc's consolidated financial statements, which cover theGroup as a whole, will continue to be prepared in accordance withInternational Financial Reporting Standards (IFRS) as adopted by theEuropean Union. The Group's financial statements are unaffected by thisadoption going forward and do not require any changes to be made tohistoric reported numbers. Having taken appropriate professional advice, the Board considers that itis in the best interests of the Group for the Company and its subsidiariesto adopt FRS 102 - The Financial Reporting Standard applicable in the UKand Republic of Ireland. It is intended that for the year ended 31 December2015 and for future accounting periods FRS 102 is adopted, and thedisclosure exemptions permitted under FRS 102 are applied. The Company's decision to adopt FRS 102 for its parent entity financialstatements and those of its subsidiaries does not require shareholderapproval. However, due to the election to take certain disclosureexemptions permitted under FRS 102, the Company is required to notifyshareholders of this election and any shareholder or shareholders holdingin aggregate 5 per cent or more of the total allotted shares in the Companymay object. Objections must be served in writing to the Company Secretaryat the Company's registered office (Eversheds House, 70 Great BridgewaterStreet, Manchester, M1 5ES) no later than 2 March 2016. Enquiries please contact: Fairpoint Group plcChris Moat, Chief Executive Officer 0845 296 0100John Gittins, Group Finance Director Shore Capital (Nomad and Joint Broker)Pascal Keane 020 7408 4090Edward Mansfield Panmure Gordon & Co (Joint Broker) Dominic Morley 020 7866 2500Charles Leigh-Pemberton MHP CommunicationsReg Hoare 020 3128 8100Katie Hunt --------------------------------------------------------------------------- 01-Feb-2016 The EQS Distribution Services include Regulatory Announcementsas well as Financial and Media Releases.Media archive at www.dgap.de/ukreg --------------------------------------------------------------------------- Language: English Company: Fairpoint Group plc Fairclough House, Church Street PR7 4EX Adlington, Lancashire United Kingdom Phone: +44 1257 486979 Fax: +44 844 826 1176 E-mail: [email protected] Internet: www.fairpoint.co.uk ISIN: GB0032360280 WKN: 911565 Category Code: MSC TIDM: FRP Sequence Number: 2983 Time of Receipt: 01-Feb-2016 / 13:39 CET/CEST End of Announcement EQS News Service --------------------------------------------------------------------------- 433669 01-Feb-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.
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