Photo-me at war with its shareholders
Photo-Me International's attempt to appease its rebel shareholder appears to have failed.
Principle Capital, the investment fund headed by activist investor Brian Myerson, is sticking to its plans to call an extraordinary meeting despite a boardroom clear-out that met some of its demands.
Myerson said: 'We do not believe the company has made sufficient progress to meet the demands set out in our requisition.
'We are talking with the other shareholders and will update the market in due course.'
While three directors have agreed to resign and a fourth will step down by the end of the year, Photo-Me is pushing ahead with the possible sale of its most profitable division, which includes the kiddie rides and photo booths.
Principle, which owns 10% of Photo-Me, opposes the plans and wants it to focus on improving the business rather then selling any of it.
Photo-Me reported full year profits had sunk to £14.8m from £28.0m. The dividend was held at 2.4p a share.
Shares closed up 1¾p at 77¼p, valuing the group at £275m.
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