Photo-Me bosses pushed out of the picture
The chairman and chief executive of Photo-Me International bowed to shareholder pressure today, with both men agreeing to quit in the next few months.
Vernon Sankey and Serge Crasnianski accepted the inevitable one day after activist investors, led by Principle Capital, called for an extraordinary general meeting and expressed their complete lack of confidence in the top management team.
Principle had already got the backing of nearly 50% of shareholders, leaving Sankey and Crasnianski with little option. Following the announcement, the shares rose 4¾p to 65p.
Photo-Me, which has about 22,000 photo booths in railway stations and other locations, said the decision means there is no longer any need for a special meeting.
Investors may not agree. Another contentious issue is the move to sell the company's vending arm, a deal Principle thinks should be halted.
Photo-Me said in a statement today that it is opposed to all of the demands from the rebel investors, but had agreed to some of them 'with a view to agreeing an early solution and reducing damaging uncertainty'.
Sankey said: 'The board is unanimous in its belief that the continuation of the vending division disposal process is the right one at the moment.'
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