According to a press release, the decision reflects uncertainty as to the sufficiency of the distributable reserves in the company (as against the Group) at April 30, 2008, caused by a decision of the PMI Board to reduce substantially the expected useful lives of photoboths and some other vending equipment. This reduction will result in additional non-cash charges in the current and future years.
Trading and prospects for the Group, ending April 30, 2008, remain broadly in line with the most recent Trading Statement (March 7, 2008).
The PMI Board is reviewing the company’s dividend policy as part of the strategic review being carried out by Thierry Barel, who was appointed CEO in December 2007. According to a press release, the completion of the review is expected this summer.