Photo-Me sale could hit non-execs

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Andrew Feinberg

White House Correspondent

NON-EXECUTIVE directors of Photo-Me International could be faced with serious repercussions from its possible sale, since several have interests in third-party contracts with the photo booth operator.

Surrey-based Photo-Me confirmed this week that it had received several expressions of interest and it appointed Salomon Smith Barney to explore the offers.

Sir Patrick McNair-Wilson has an interest in an unnamed public relations company which did business with Photo-Me worth pounds 62,000 last year, up from pounds 43,000 in 1998.

Michel Vez is linked with a Swiss-based accounting and legal firm which last year did pounds 48,000 worth of work for Photo-Me. In 1998, Mr Vez's legal firm picked up business worth pounds 45,000 from Photo-Me.

Philippe Wahl has an interest in holding company Finser Financial and Management Services, the subsidiaries of which trade with Photo-Me. Transactions between the two were worth more than pounds 4.6m last year.

Dan David, executive chairman at Photo-Me, also has an interest in Finser. Mr David, the report notes, donated all of last year's pounds 194,395 salary to an unnamed educational charity.

David Miller, a fourth non-executive director, is linked with International Data Ltd, which rents space from Photo-Me. Last year, International Data had pounds 14,000 of business with Photo-Me, and paid pounds 64,000 in rent and associated costs. In 1998 rents paid totalled pounds 74,000, while the business was worth pounds 74,000.

Mr McNair-Wilson and Mr Miller have fewer than 750 shares in Photo- Me, while Mr Vez was listed as not owning any. Mr Wahl owns 7.2 million.

Photo-Me shares fell 42.5p yesterday to 1352p.