24th Aug 2007 15:36
Principle Capital Holdings S.A.24 August 2007 RESPONSE TO PHOTO-ME INTERNATIONAL PLC's ANNOUNCEMENT Cycladic Capital LLP ("Cycladic") and Principle Capital Holdings S.A., on behalfof its subsidiary company, Principle Capital Fund Managers Limited ("PrincipleCapital"), make the following announcement: Cycladic and Principle Capital have discussed today's announcement by Photo-MeInternational PLC (the "Company") with other shareholders. The announcementfails to address shareholders' concerns about the leadership and participationof the Chairman, Vernon Sankey, and the Chief Executive, Serge Crasnianski, at atime when the board of directors (the "Board") will need to make key decisionsregarding the Company's strategy. In order for the strategic review process toreach an acceptable conclusion, it is critical that shareholders trust theBoard's ability to make independent decisions regarding the future of theCompany that will be in the best interests of all shareholders. As the resolutions now have the support of a majority (50.4%) of shareholders ofthe Company's shares, Cycladic and Principle Capital urge Vernon Sankey andSerge Cransianski to resign immediately from the Board. This will save theCompany the expense of calling an extraordinary general meeting, prevent anydisruption to the strategic review process and allow the board to make adecision about the sale of the vending division that can be supported byshareholders. Cycladic and Principle Capital support the appointment of Martin Reavley, thecurrent Senior Independent Director of the Company, as Interim Chairman of theBoard and are confident that he and the other independent non-executivedirectors will be able to: * stabilise the Company after the resignation of the Chairman and the Chief Executive;* appoint competent successors in a short time frame;* manage the potential sale of the vending division; and* begin the turnaround required for future growth. For the avoidance of doubt, contracts for difference ("CFDs") have only beenincluded in the support level where it is expected that those CFDs can beeffectively converted into ordinary shares and voted at an extraordinary generalmeeting." - Ends - For further information: Bell PottingerOlly Scott+44 78 12345 205 Cycladic CapitalGijs de Reuver+44 207 529 1865 Principle CapitalAnne Dalen+44 207 240 3222 Numis Securities as Nominated Adviser to Principle Capital Holdings S.A.Stuart Skinner+44 207 260 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PHTM.L