GVC Holdings plc announces that it has sent a letter to its shareholders, the content of which is below:
Notification to shareholders on parent company financial statements: Adoption of Financial reporting Standard (FRS) 101 - Reduced Disclosure Framework
GVC Holding PLC's ('the Company') parent company financial statements contained in the GVC Holding PLC Annual Report for the year ended 31 December 2014 were prepared in accordance with UK Generally Accepted Accounting Practice ('UK GAAP'). The 2014 Annual Report can be found on the Company's website at www.gvc-plc.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 31 December 2015 which will be included in the Group's annual report for 2015 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 Robert Hoskin at the Company's registered office (32 Athol Street, Douglas, Isle of Man, IM1 1LB) not later than 18 March 2016.
Pursuant to LR 14.3.6R a copy of the notification sent to shareholders has been submitted to the National Storage Mechanism and will shortly be available at www.hemscott.com/nsm.do.
For further information:
|GVC Holdings PLC|
|Kenneth Alexander, Chief Executive||Tel: +44 (0) 1624 652 559|
|Richard Cooper, Group Finance Director||www.gvc-plc.com|
|David Rydell, James Newman, Anna Legge, Laura Jacques||Tel: +44 (0) 20 3772 2500|