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Photo-Me Intnl. (PHTM)

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Monday 21 June, 2010

Photo-Me Intnl.

Statement re FSA penalty

RNS Number : 9420N
Photo-Me International PLC
21 June 2010
 



PHOTO-ME INTERNATIONAL PLC

 

Response to FSA penalty

 

Photo-Me International plc (the "Company") notes the announcement by the Financial Services Authority ("FSA") that it has imposed a penalty of £500,000 on it for contravention of Disclosure and Transparency Rules 2.2.1 R and Listing Principle 4 during the period from 17 January 2007 to 2 March 2007. 

 

Whilst the Company is disappointed with the quantum of the penalty it welcomes the fact that the FSA has not found that any Directors or previous Directors were at fault in this matter. 

 

The Company maintains that the FSA has underestimated the real-time difficulties faced by the Company in updating the market on the possible outcome of the relevant complex contractual negotiations.  However, the Board has decided it is not in the best interests of shareholders to incur further legal costs (none of which would be recoverable even if the Company was successful) and expend considerable executive time in pursuing its appeal before the Upper Tribunal (Tax and Chancery Chamber).

 

The Company provided for an expense in this connection of £500,000 in its financial statements for the year to 30 April 2009 and for legal costs billed to that date.  The result for the year to 30 April 2010 will only reflect additional legal costs, which are not material.

 

Ends

 

Media Enquiries:

The Madano Partnership

020 7593 4000

Charles Reynolds / Matthew Moth     

 

Investors:

IR Focus

020 7593 4015

Neville Harris  

 

                                                                       

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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