IAS 34 para 16A(h) non adjusting post balance sheet event, issue of share capital; para 15B(f), adjusting event litigation settlement

Accrol Group Holdings plc – Half year report – 31 October 2017

Industry: manufacturing

  1. Events after the balance sheet date 

Placing of £18m

To support the business in its objective of getting back to profitability, the Company has successfully completed the placing of 36,000,000 new ordinary shares of nominal value of £0.001 each at a price of 50 pence per share raising gross proceeds of £18m.

The net proceeds of the Placing will be used to:

  • support future working capital requirements of the Group;
  • implement restructuring to improve operational aspects of the business; and
  • implement plans to review and improve the Group’s health & safety procedures.

HSE Court action

On the 17th January 2018 the Accrol Papers Limited was fined £120,000 for a crush injury to the tip of an employee’s right index finger. This fine has been reported as an exceptional cost in the results for the six month period under review.

  1. Exceptional items (extract)

Health and Safety Executive fine relates to a fine imposed by the Health and Safety Executive on 17th January 2018. This has been treated as an adjusting post balance sheet event (see note 18).

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