In the fit for failing to unveil the insider information to the market, FSA today has fined the Photo-Me International a sturdy £500,000.
The delay in disclosing the information has caused the false market in Photo-Me's shares for 44 days more.
The Photo-Me's entailed main activities from manufacturing and sale of the photo-processing equipment such as minilabs.
During the month of September, November and December 2006, Photo-Me firm made declaration which crafted out the expectation and hopes in the market that they shall benefit through the winning of large minilab sales contracts and strong minilab sales in particular.
Keeping into consideration such announcements were the key factor to reinforce Photo-Me's share price during the relevant period and now were based, in the part, on Photo-Me's expectations that it might wrap up a contract acquainted with a large US-based retailer, Albertsons, for the sale of 200 minilabs.