LSL Property Services plc (LSL)
14th April 2016
Notification to shareholders in accordance with FRS 101 and FRS 102
LSL has on 13th April 2016 sent a notice to shareholders, the full text of which is set out below.
"Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework, and FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland
A new UK Generally Accepted Accounting Practice (GAAP) accounting framework introduced by the Financial Reporting Council (FRC) becomes effective for the financial statements of UK companies with accounting periods commencing on or after 1st January 2015. Under this new framework, LSL Property Services plc (the Company) is required to elect to prepare its parent entity and subsidiary company financial statements on one of the bases permitted by the FRC.
The consolidated Group financial statements of the Company will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and are unaffected by this new accounting framework.
The Company has elected to prepare the parent entity financial statements under full IFRS for the year ended 31st December 2015 and on an on-going basis until such time as the Company notifies shareholders of any change.
The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" for the preparation of the subsidiary financial statements, and FRS 102 for the Company's dormant entities for the year ended 31st December 2015, and on an on-going basis until such time as the Company notifies shareholders of any change.
The Company's election to adopt FRS 101 or FRS 102 for its subsidiary financial statements does not require shareholder approval. However, as stipulated in FRS 101 and FRS 102, the Company is required to notify all shareholders of this election. Any shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in the Company may serve an objection to the use of the disclosure exemptions. Objections must be served in writing and delivered to the Company Secretary at LSL Property Services plc, Buildmark House, George Cayley Drive, Clifton Moor, York, YO30 4XE, United Kingdom not later than 12th May 2016."
In accordance with Listing Rule 9.6.1, 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.
This announcement is made pursuant to Listing Rule 9.6.3.
