Photo-Me International – 68.625p

4 February 2013 – special dividend

The company has announced that it has declared a special dividend of 3p per share.  The ex-dividend date will be 13 February.  Although the prospect of a special dividend was one of the key reasons for us tipping the shares, this is a relatively modest payment given that it only represents £11m when net cash was £70m as at the end of October.  The shares have had a strong run over the past six months and stand at double the 2012 low of 34p.  There are better opportunities elsewhere.  SELL.

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