PHTM.L Regulatory News (PHTM)

3 Sep 2007 14:57

Photo-Me International PLC03 September 2007 Monday 3 September 2007 PHOTO-ME INTERNATIONAL PLC Withdrawal of EGM Requisition and Board Changes The Board of PMI (PHTM.L), the digital imaging company, is pleased to confirmthat, following further discussions with its principal shareholders, the EGMRequisition, which was announced by Principle Capital Fund Managers Ltd andCycladic Capital LLP on 23 August 2007, has been withdrawn and that: a) Vernon Sankey has concluded that it is not in the interests ofshareholders, the Company or employees for there to be a protracted and publicdisagreement on the timing of his resignation. Accordingly, he has determined tostep down as Chairman and as a Director of the Company with immediate effect,which is six weeks earlier than he had originally proposed. b) David Young has unanimously been appointed by the Board as itsChairman, in the interim. He will work closely with Serge Crasnianski to ensureoperational stability during this important transition period. c) Serge Crasnianski, aged 65 and after 44 years with Group companies, thelast 17 as a Director of PMI and as such the architect of PMI in its presentform, will step down as Chief Executive Officer and as a Director by 30 November2007, following a smooth transition to his successor. d) A Committee of the Board, under the leadership of Roger Partington andincluding the Chairman and the other Independent Non-Executive Directors, willmanage the process of selecting a new Chairman and a new Chief Executive Officerand make recommendations to the Board. e) A Committee of the Board, under the leadership of Martin Reavley andincluding the Chairman and the other Independent Non-Executive Directors, willoversee the Strategic Review process that includes the possible sale of theVending Division and a review of the capital structure and of the distributionpolicy. Mr Reavley will continue in his role as Senior Independent Non-ExecutiveDirector. The Board can now focus its efforts on its succession planning and strategicreview initiatives. The Board has endeavoured throughout this process, and willcontinue to strive, to manage PMI's business in the interests of maximisingvalue for all PMI shareholders. Vernon Sankey, stated: "Notwithstanding the overwhelming support I have receivedfrom my colleagues on the Board, I believe that it is in the best interest ofshareholders and the Company that the matter of the timing of my resignation bebrought to a swift conclusion. I have therefore decided to step down withimmediate effect. I wish the Company, my colleagues and all those who work forPhoto-Me every success in the future. David has considerable internationalbusiness experience and will make an excellent Chairman." The new Chairman, David Young, stated: "On behalf of the Board I would like toexpress our thanks to Vernon for the guidance and wise counsel he has given overthe past seven years. I am delighted that the Board and PMI's principalshareholders have agreed on the way forward for the Company. I look forward toleading the Board and Company through the transition phase onto a path towardsrealisation of the Company's full potential." Enquiries: Photo-Me International plc 01372-455 544David Young (Chairman) Bankside Consultants Limited (analysts)Charles Ponsonby 020-7367 8851 Tulchan Communications (media) 020-7353 4200David AllchurchWendy Watherston Notes to Editors: Serge Crasnianski, aged 65, had already indicated to the Board that he proposedto retire in the next few months. The appointment of his successor as ChiefExecutive has been ongoing for some time, with a recruitment company appointedin May 2007. The Board had intended that the process would be scheduled in orderto provide an orderly introduction and hand-over of responsibilities when thefuture shape of the Group was clear. He remains PMI's largest singleshareholder, with a 19.2% holding. Vernon Sankey, aged 58, was elected to the PMI Board as Deputy Chairman inOctober 2000 and was appointed Chairman in February 2005. He was formerly ChiefExecutive of Reckitt & Colman plc, Chairman of Thomson Travel plc, Chairman ofGala plc and a Non-Executive Director of Taylor Woodrow plc. He is currently aNon-Executive Director of Zurich Financial Services AG, ATOS Origin SA,Firmenich SA, and Vividas Group plc and an advisor to several other companies. David Young, aged 56, was Chief Executive of Perkins Foods Holdings Ltd, aninternational food manufacturer, from 2003 to 2005 and, from 1976 to 2001, hewas with Duracell, the battery manufacturer acquired by Gillette in 1997.Latterly, from 1999 to 2001, he was, US-based, the Global President of Duracelland a member of the Gillette Operating Committee. From 1997 to 1999, he wasPresident - Europe, based in the UK and a member of the Duracell North AtlanticOperating Committee. He has been a Non-Executive Director of the publicly-quotedhealthcare company, Corin Group plc, since January 2007 and was a Non-ExecutiveDirector of Corporate Services Group plc, a publicly-quoted multinationalstaffing agency, from 2003 to February 2007. He joined the Board of PMI as aNon-Executive director in May 2007. This information is provided by RNS The company news service from the London Stock Exchange