Published on: February 19, 2018

Proposed Listing of Max Sight Ltd

Photo-Me has an 18.33% ownership holding in Max Sight ltd, a leading operator of ID photo booths in Hong Kong and Guangdong Province, China. Max Sight intends to raise a net HK$39m, by way of a share offer, to expand its current operations. This represents 25% of the enlarged share capital. Photo-Me’s holding will consequently be reduced to 13.75%. Assuming the shares trade at the mid-point of the indicative offer range, the revaluation of Photo-Me’s holding would result in an unrealised gain of £3m in FY18 which will be recognised in the Income Statement and marked to market at every subsequent reporting date. We have left our EPS forecast unchanged at 9.7p for FY2018E, ahead of the planned first day of trading on 28 February.

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