GCM Resources PLC Adoption of FRS101 (3263K)
20 September 2016 - 2:00PM
UK Regulatory
TIDMGCM
RNS Number : 3263K
GCM Resources PLC
20 September 2016
20(th) September 2016
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Notification to Shareholders of Adoption of
Financial Reporting Standard (FRS) 101
GCM Resources plc, a London based resource exploration and
development company, announces that it has today sent a letter to
its 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 purpose of this letter is to notify you about certain
proposed changes to the information that will be disclosed in GCM
Resources plc's ('GCM' or 'the Company') parent company financial
statements contained in the Company's future annual report and
accounts.
GCM's parent company financial statements contained in the
Group's Annual Report for the year ended 30 June 2015 were prepared
in accordance with UK Generally Accepted Accounting Practice ('UK
GAAP'). The 2015 Annual Report can be found on the Company's
website at www.gcmplc.com.
A new UK GAAP accounting framework introduced by the Financial
Reporting Council ('FRC') becomes mandatorily effective for
financial statements 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 new bases
permitted by the FRC. The consolidated financial statements of the
Group will continue to be prepared in accordance with EU-adopted
International Financial Accounting Standards (IFRS) and are
unaffected by this new accounting framework.
The Company proposes to adopt FRS 101 "Reduced Disclosure
Framework" for its parent company financial statements for the year
ended 30 June 2016 which will be included in the Group's annual
report for 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 Company intends to take advantage of the disclosure exemptions
allowed under FRS 101. Accordingly, the disclosures in the parent
company financial statements prepared under FRS 101 are expected to
be the same, or follow closely, those previously reported under UK
GAAP.
The Company's decision to adopt FRS 101 does not require
shareholder approval. However, as stipulated in FRS 101, the
Company is required to notify all shareholders of this election.
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's registered office (3 Bunhill Row, London EC1Y 8YZ)
not later than 14 October 2016. If shareholders have no objection
to the adoption of FRS 101, no further action is required.
A copy of the letter will shortly be available on the Company's
website (www.gcmplc.com).
For further information:
GCM Resources plc Bell Pottinger
James Hobson Greg Wood
CFO & Company Secretary +44 (0) 20 3772 2500
+44 (0) 20 7290 1630
ZAI Corporate Finance
Ltd
Nominated Adviser and
Broker
John Treacy
+44 (0) 20 7060 2220
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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September 20, 2016 09:00 ET (13:00 GMT)