Adoption of reduced disclosure framework

NetScientific plc

Adoption of the reduced disclosure framework within Financial Reporting Standard (FRS) 102

London, UK – 7th March 2016 – NetScientific plc (“NetScientific”. AIM: NSCI), the transatlantic biomedical and healthcare technology group, today announces that following the publication of FRS 100 ‘Application of Financial Reporting Requirements’ by the Financial Reporting Council, it is required to change the accounting framework for its entity financial statements and those of its UK subsidiaries, which currently adopt UK GAAP. It is intended for the period ended 31 December 2015 and future years that the parent entity and its UK subsidiaries adopt FRS 102, which is based on International Financial Reporting Standards as adopted by the European Union.  As part of the adoption of FRS 102, the parent entity and its UK subsidiaries intend to take advantage of the “Reduced Disclosure Framework” available within FRS 102.  

NetScientific plc’s consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. 

Shareholder approval to adopt FRS102 is not required. However, due to the election to take certain disclosure exemptions permitted under FRS 102, the Company is required to notify shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Any objections must be served in writing prior to 6th April 2016 to the Company Secretary at the Company’s registered office (Anglo House, Bell Lane Office Village, Bell Lane, Amersham, Buckinghamshire HP6 6FA).

About NetScientific

NetScientific is a biomedical and healthcare technology group that funds and develops technologies that offer transformative benefits to people’s lives and society through improved diagnosis, prognosis and treatment.

For more information, please visit the website at www.netscientific.net. 

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