Synectics PLC Adoption of Financial Reporting Standard 101 (7279T)

TIDMSNX

RNS Number : 7279T

Synectics PLC

10 January 2017

 
    10 January 2017 
 

Synectics plc

Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard 101 - Reduced Disclosure Framework

Synectics plc (AIM: SNX), a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, announces that following the introduction by the Financial Reporting Council ("FRC") of a new UK Generally Accepted Accounting Practice ("UK GAAP") accounting framework for periods commencing on or after 1 January 2015, there is a requirement to prepare its parent company financial statements for its financial year commencing 1 December 2015 on one of the new bases permitted by the FRC.

The financial statements for the year ended 30 November 2015 of Synectics plc (the "Company"), as set out on pages 78 to 86 of the 2015 Annual Report, were prepared in accordance with UK GAAP. The 2015 Annual Report is available on the Company's website, www.synecticsplc.com.

The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" and to take advantage of the permitted election to the disclosure exemptions allowed under FRS 101 for the year ended 30 November 2016 and thereafter. As a result of taking the available disclosure exemptions permitted under FRS 101, disclosures are expected to follow closely those reported under UK GAAP.

The Company's decision to adopt FRS 101 does not require shareholder approval. However, due to the election to take the available 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 per cent. or more of the total allotted shares in the Company may object. Objections must be served in writing and be delivered to the Company Secretary at the Company's registered office at Studley Point, 88 Birmingham Road, Studley, Warwickshire B80 7AS not later than Tuesday 7 February 2017. A letter will be sent to the Company's shareholders later today.

The consolidated financial statements of the Company and its subsidiaries will continue to be prepared in accordance with IFRS as adopted by the EU.

For further information, please contact:

 
 Synectics plc                  Tel: [phone] 
 Paul Webb, Chief Executive          www.synecticsplc.com 
  Mike Stilwell, Finance 
  Director 
 email: [e-mail] 
 Stockdale Securities           Tel: [phone] 
 Tom Griffiths / Henry 
  Willcocks 
 

Media enquiries:

 
 Buchanan                                    Tel: +44 (0) 
                                             20 7466 5000 
 Mark Court / Sophie Cowles / Jane Glover 
 email: [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 10, 2017 02:00 ET (07:00 GMT)