PHTM.L Regulatory News (PHTM)

10 Apr 2008 10:37

Photo-Me International PLC10 April 2008 Thursday 10 April 2008 PHOTO-ME INTERNATIONAL PLC Cancellation of Interim Dividend The Board of Photo-Me announces that it has today cancelled the interim dividendof 1.0p per share, totalling £3.6 million, in respect of the year to 30 April2008, which was declared on 17 December 2007 and payable on 2 May 2008. This decision reflects uncertainty as to the sufficiency of the distributablereserves in the Company (as against the Group) at 30 April 2008 following theBoard's decision today to reduce substantially the expected useful lives ofphotobooths and some other vending equipment. The reduction in expected usefullives will give rise to an additional non-cash charge in the current and futureyears. Trading and prospects for the Group for the year to 30 April 2008 remain broadlyin line with the Trading Statement of 7 March 2008. The Board will review dividend policy as part of the strategic review beingcarried out by Thierry Barel, who was appointed CEO in December 2007. Thestrategic review is expected to give rise to provisions for asset impairmentsand restructuring. These will be quantified when determined on the completion ofthe review, which is expected this summer. Enquiries: Photo-Me 01372-453 399 Robert Lowes (Director and Interim Finance Officer) Bankside Consultants 020-7367 8851 Charles Ponsonby This information is provided by RNS The company news service from the London Stock Exchange