Pinewood to run Isle of Man film fund
Pinewood Shepperton, which owns the famous British film studio, has finalised a deal with the Isle of Man Treasury (IOMT) to manage a 25 million pound media development fund.
Pinewood Shepperton, which owns the famous British film studio, has finalised a deal with the Isle of Man Treasury (IOMT) to manage a 25 million pound media development fund.
The firm will advise on film investment opportunities for IOMT and undertake UK distribution activities for an initial period of five years.
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The deal is subject to the thumbs up from the Financial Services Authority, which Pinewood expects to receive within the next few weeks.
"This agreement is a further example of extending the reach of the Pinewood brand and builds on the company's successful Pinewood Films initiative to play a bigger role in UK independent film and television production," said Chief Executive Ivan Dunleavy.
Analysts at Brewin Dolphin said the IOMT tie-up is a positive development.
"Financially it is clearly accretive and strategically a further step in diversifying Pinewoods revenue stream, " said Brewin's Sahill Shan.
"Commentary on current trading is equally encouraging too. We maintain a Hold with a SOTP driven share price target of 262p."
As part of the deal, Goodweather Investment Management - a member of the Peel Group - has agreed to sell 4.9m shares in the capital of Pinewood to IOMT at a price of 250p / share.
This reduces Peel Holdings' equity stake in Pinewood by 9.9% to around 0.58%.
