Notification to Shareholders of Adoption of Financial Reporting Standard (FRS) 101
On 31 August 2016, Clinigen posted a letter to shareholders, the full text of which is set out below.
Following the publication of FRS 100, 'Application of financial reporting requirements', by the Financial Reporting Council, Clinigen Group plc is required to change its accounting framework for its entity financial statements, which is currently UK GAAP, for its financial year commencing 1 July 2015. The Board considers that it is in the best interests of the group for Clinigen Group plc to adopt FRS 101, 'Reduced disclosure framework'.
No disclosures in the current UK GAAP financial statements would be omitted on adoption of FRS 101.
As a result of adopting FRS 101, the recognition of deferred tax asset on share based payments will be required in line with the group consolidated accounts under EU-adopted International Financial Reporting Standards (IFRS). Full disclosure of the re-measurement will be given in the Financial Statements. Loans and Borrowings will be split out from Creditors and presented separately on the face of the Company Balance Sheet.
A shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in Clinigen can serve objections to the use of the disclosure exemptions on Clinigen, in writing, to the Company Secretary, Clinigen Group plc, Pitcairn House, 1st Avenue, Burton on Trent, Staffordshire, DE14 2WW not later than 16 September 2016.
This election will apply on an ongoing basis until such time as Clinigen notifies shareholders of any change to its chosen accounting framework for the parent entity financial statements.
Please note this election only applies to the Clinigen parent entity financial statements and does not affect the group consolidated financial statements which will continue to report under EU-adopted IFRS.
Clinigen Group plc
Martin Abell, Group Chief Financial Officer
Tel: +44 (0) 1283 495 010
Numis Securities Limited
Michael Meade / Freddie Barnfield (Nominated Adviser)
James Black / Tom Ballard (Corporate Broking)
Tel: +44 (0) 20 7260 1000
Peel Hunt LLP - Joint Broker
Tel: +44 (0) 20 7418 8900
Instinctif Partners (Media Relations)
Melanie Toyne-Sewell / Jen Lewis / Emma Barlow
Tel: +44 (0) 20 7457 2020
About Clinigen Group
Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and services company with a unique combination of businesses focused on providing access to medicines. Its mission is to deliver the right medicine to the right patient at the right time. The Group consists of five synergistic businesses focused in three areas of global medicine supply; clinical trial, unlicensed and licensed medicines.
Clinigen Clinical Trial Services is the global market leader in the management and supply of commercial medicines for clinical trials.
The Group is also the trusted global leader in ethically sourcing and supplying unlicensed medicines to hospital pharmacists and physicians for patients with a high unmet need, through three of its divisions: Idis Managed Access runs early access programs for innovative new medicines. Idis Global Access and Link Healthcare work directly with healthcare professionals to enable compliant access to unlicensed medicines on a global basis and niche essential licensed and generic medicines across Australasia, Africa and Asia (AAA region).
Clinigen Specialty Pharmaceuticals acquires global rights, revitalises and markets its own portfolio of niche hospital commercial products.
For more information, please visit www.clinigengroup.com