Photo-Me International PLC Sale of Investment (7529A)
September 14 2018 - 1:00AM
UK Regulatory
TIDMPHTM
RNS Number : 7529A
Photo-Me International PLC
14 September 2018
14 September 2018
Photo-Me International plc
("the Group")
Sale of Investment
Photo-Me (PHTM.L), the instant-service equipment group,
announces that it has completed the sale of its 50% stake in Stilla
Technologies SA, a Paris-based European Biotechnology company.
The holding, which was acquired by Photo-Me for a total of
EUR1.5 million between April 2015 and October 2016, has been sold
for a consideration of EUR5.0 million. In addition, current
accounts and loans between the Group and Stilla have been fully
reimbursed for a total of EUR2.049 million.
Consequently, the Group's profit on sale of the investment is
EUR3.5 million and the total additional cash to the Group,
including repayment of current accounts and loans, is EUR7.049
million.
Proceeds from the sale will be invested in the Group's core
business to fund its ongoing growth strategy, which is primarily
focused on accelerating the widescale rollout of its Laundry
business.
Enquiries:
Photo-Me International +44 (0) 1372 453 399
Stephane Gibon, Group Chief Financial Officer ir@photo-me.com
Fiona Bird, Investor Relations and International
Tax Manager
Hudson Sandler +44 (0) 20 7796 4133
Wendy Baker/Emily Dillon photo-me@hudsonsandler.com
Notes to Editors
Photo-Me International plc (LSE: PHTM) operates, sells and
services a wide range of instant-service vending equipment,
primarily aimed at the consumer market.
The Group operates approximately 47,000 vending units across 18
countries and its technological innovation is focused on three
principal areas:
-- Identification: photobooths and integrated biometric identification solutions
-- Laundry: unattended laundry services, launderettes, B2B services
-- Kiosks: high-quality digital printing
In addition, the Group operates vending equipment such as
children's rides, amusement machines and business service
equipment.
Whilst the Group both sells and services this equipment, the
vast majority of units are operated and maintained by Photo-Me.
Photo-Me pays the site owner a commission based on turnover, which
varies depending on the country and location of the machine.
The Group has built long-term relationships with major site
owners and its equipment is generally sited in prime locations in
areas of high footfall such as supermarkets, shopping malls
(indoors and outdoors) and public transport venues. The equipment
is maintained and serviced by an established network of 700 field
engineers.
The Company's shares have been listed on the London Stock
Exchange since 1962.
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END
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