REG - Athelney Trust plc - Change of Adviser

Athelney TrustAnnouncement

10/10/2023 11:00

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RNS Number : 6446P  Athelney Trust PLC  10 October 2023

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

Auditor resignation

Athelney Trust plc (the "Company") announces that Hazlewoods LLP have notified
the Company of their resignation as auditor of the Company.

Hazlewoods LLP has advised the Company that it has decided to withdraw from
the Public Interest Entity ("PIE") audit market due to increased regulations
for PIE auditors.

Athelney Trust is classified as a PIE due to its Standard Listing on the
London Stock Exchange's Main Market.

Hazlewoods LLP has confirmed that there are no circumstances connected with
their resignation which they consider should be brought to the attention of
the Company's members or creditors in accordance with Section 519 of the
Companies Act 2006.

The Company further announces that following a competitive tender process led
by the Company's Audit Committee, the Board has identified a new auditor for
the financial year ending 31st December 2023 who, subject to standard due
diligence and take on procedures will be appointed. It is expected that this
process will be completed shortly, at which time the Company will make a
further announcement.

During the Audit Committee's review process we contacted thirteen alternative
auditors and interviewed four. From these contacts we learnt that increasing
regulation has added to the administrative burden and cost of PIE audits,
leading to many auditors pulling out of this market segment.

The Board would like to thank Hazlewoods for its professional and diligent
service to the Company as auditor since 2015.

 

 

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