Hostelworld Group PLC Adoption of Financial Reporting Standard (FRS) 101 (1897Q)
February 26 2016 - 2:00AM
UK Regulatory
TIDMHSW
RNS Number : 1897Q
Hostelworld Group PLC
26 February 2016
Hostelworld Group plc ("Hostelworld")
26 February 2016
Notification to Shareholders of Adoption of Financial Reporting
Standard 101 ("FRS 101") for Hostelworld Group plc entity financial
statements and Disclosure of Home Member State
On 25 February 2016, Hostelworld posted a letter to
shareholders, the full text of which is set out below.
Notice of Adoption of Financial Reporting Standard 101 ("FRS
101"): Reduced Disclosure Framework for Hostelworld Group plc
entity financial statements
Following the publication of FRS 101, "Application of financial
reporting requirements" by the Financial Reporting Council ("FRC"),
Hostelworld Group plc ("Hostelworld") is able to elect to prepare
its entity financial statements in accordance with FRS 101, a
reduced disclosure regime.
Hostelworld proposes to adopt FRS 101, a reduced disclosure
regime, for its entity financial statements for the year ended 31
December 2015 and on an ongoing basis until such time as
Hostelworld notifies shareholders of any change to its chosen
accounting framework for its entity financial statements.
Hostelworld's consolidated group financial statements are
unaffected by this change, and will continue to be prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
Hostelworld's election to adopt FRS 101 for its entity financial
statements does not require shareholder approval. However, as
stipulated in FRS 101, Hostelworld 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 Hostelworld may serve an objection. Objections must be
served in writing and delivered to the Company Secretary at
Hostelworld Group plc, High Holborn House, 52-54 High Holborn,
London WC1V 6RL, United Kingdom by no later than 11 March 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.
For the purposes of the Transparency Directive, the Home Member
State of Hostelworld Group plc is the United Kingdom.
Contacts:
Hostelworld Group plc
Mari Hurley, Company Secretary
Tel: +353 (0) 1 498 0700
Weber Shandwick
Nick Oborne
Tom Jenkins
Tel: +44 (0) 20 7067 0000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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