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I'd prefer a brilliantly managed and focused FTSE 100 company to take Pinewood forward - ITV anyone? Seriously, anyone here with a view?
Pinewood Shepperton (PWS) Director name: Mr Steve Christian Amount purchased: 10,000 @ 275.00p Value: £27,500
Pinewood Shepperton (PWS) Director name: Lord Michael Grade Amount purchased: 17,500 @ 279.00p Value: £48,825
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%.
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. Pinewood will make money from the deal primarily through charging an annual management fee and earning a commission on films introduced by Pinewood in which the IOMT subsequently invests. 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.
SP fell from this level in Jan 12 but climbed from it in April 12 - so which way now - it has been here for quite a while - a move is on the cards.
Ivan Dunleavy, Chief Executive said: "We are delighted to have successfully concluded discussions with the Isle of Man Treasury. 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. Pinewood is a key part of the UK's film industry which made an economic contribution to the UK economy of £4.6bn in 2011. "The Company's unique assets in the UK, together with its film financing and strategic international initiatives, mean that it is well placed to cater for the existing and planned global growth in creative content. Demand for stage capacity at Pinewood continues to rise and as a result the Board has approved an additional 45,000 sq ft studio facility, including a new sound stage, at Pinewood Studios. Pinewood is an expanding global brand, allowing access to premium services around the world".
Trading update Film revenues are now largely contracted for the remainder of the financial year. The investment in Pinewood's television facilities was completed on time and within budget and has resulted in further interest in its television offering. Media Park occupancy levels remain high at 96%. On 7 September, Pinewood Films announced a further film investment project, Belle, which began shooting on 24 September 2012. The consultation on the future expansion of Pinewood Studios continues and an outline planning application will be submitted to the local planning authority, South Bucks District Council, in the autumn.
CONT Under the terms of the IOMT Agreement, PFA will receive: an annual management fee; fees on film projects that the IOMT invests in; a proportion of the revenues received from the UK distribution rights for films; and a proportion of the revenue received from the existing library of 97 IOMT funded films as a fee for managing the collection of revenues arising from those films. The IOMT intends to offer a broad range of film investment including equity finance; UK distribution and 'gap' financing. There are no upper or lower limits on its investments and each project will be considered on a case by case basis. On completion of the IOMT Agreement, Steve Christian, the current Chairman of CinemaNX (the previous adviser to the IOMT), together with a core team of four CinemaNX employees will join PFA to provide additional expertise and continuity.
Agreement with the Isle of Man Treasury to advise on film investment opportunities and to undertake UK distribution activities for its £25m fund and trading update Agreement with the Isle of Man Treasury Further to the announcement of 6 June 2012, Pinewood Shepperton plc ("Pinewood" or the "Company"), a leading provider of services to the global film and television industry, today announces that it has signed an agreement (the "IOMT Agreement") with the Isle of Man Treasury ("IOMT") to source and advise on film investment opportunities for the £25 million fund established by the IOMT and to monitor and capitalise on UK distribution rights in films and television programmes funded by the IOMT. The IOMT will be advised by Pinewood Film Advisors Limited ("PFA"), a wholly owned subsidiary of the Company. The initial period of the IOMT Agreement will be five years. The IOMT Agreement is conditional on PFA receiving certain required consents from the Financial Services Authority and Pinewood expects to satisfy such conditions within the next few weeks. A further announcement will be made in this regard in due course. In addition, the Company notes that Goodweather Investment Management Limited (a member of the Peel Group) has agreed to sell 4,891,582 ordinary shares in the capital of Pinewood to IOMT at a price of 250 pence per share. Completion of the sale of these shares is conditional on the IOMT Agreement completing by 31 October 2012. In connection with its proposed acquisition of shares in Pinewood, IOMT has given an undertaking to Pinewood and N+1 Brewin that it will not acquire any other shares in Pinewood until the expiry of the period ending two years after it acquires the shares, subject to certain exceptions including pursuant to a general offer or scheme of arrangement or to maintain an aggregate holding of 9.9% of Pinewood's issued share capital or at any time with N+1 Brewin's consent.
"The consideration of the future expansion of Pinewood Studios is ongoing. We are aiming to submit a planning application in the autumn. A long term plan for growth and investment at Pinewood Studios is necessary to remain globally competitive and respond to the changing needs and future demand of the screen and digital industries. "Discussions with the Government of the Isle of Man for the Company to source and advise on film investment opportunities for its £25 million Media Development Fund are progressing well and a further announcement will be made in due course. "At the time of the publication of the Company's unaudited results for the fifteen month period ended 31 March 2012 on 23 May, 2012, the Company reported that it had made a positive start to the new financial year and this has continued. "The Board continues to look forward to the future with confidence".
Pinewood Shepperton plc ("Pinewood" or the "Company") AGM Business and Trading Update At today's Annual General Meeting to be held at 10.30 am, Pinewood Shepperton plc Chairman, Lord Grade of Yarmouth, CBE will make the following statement to shareholders: "The Company's strategy has ensured that it has performed strongly during difficult economic conditions. The Company continues to invest in its facilities to ensure high levels of utilisation and that it remains a leading destination of choice for producers of creative content. As part of this we have embarked on a major investment in our television business. Film revenues reflect near capacity activity and Media Park is enjoying high occupancy levels. "We completed a successful refinancing of our main banking facilities in May. Pinewood's shares were delisted from the Main Market of the London Stock Exchange and admitted to trading on AIM on 23 July, along with a £5.4 million placing of new ordinary shares.
http://www.investegate.co.uk/Article.aspx?id=201208280700137834K
Outlook During the 15 month period the Company saw rising demand for its facilities, especially in film. This level of demand has continued into the start of the current financial year and bodes well for the future. On 16 May 2012, the Company announced that it is embarking on a consultation on the future development of Pinewood Studios with local and national stakeholders and the producers and developers of creative content. Certainty as to its future development is critical to enable Pinewood Studios to plan for growth. Without major investment Pinewood Studios cannot remain globally competitive and respond to the changing needs and ever increasing demands of the screen and digital industries both at home and abroad. The Company is responding well to the increasing demand for content both at its UK studios and abroad. The Board looks forward to the future with confidence.
Good figures
CONT On 8 July 2011 the Recommended Cash Offer (“the Offer”) by Peel Acquisitions (Pegasus) Limited (“Peel Acquisitions”) for the Company closed. Peel Acquisitions is now the largest shareholder with 71.06% of the Company. Warren James Holdings Ltd is the second largest shareholder with 27.91% of the Company. Both major shareholders have independently stated their long-term support of the Company. Combined, these shareholdings represent nearly 99% of the share capital of the Company. Consequently, the Company wrote to the Financial Services Authority on 15 July 2011 to inform them that the Company no longer complies with the requirements of the UKLA’s Listing Rules regarding the number of shares to be held in public hands. The Company announced on 27 April 2012 that it had received a Supervisory Notice from the FSA proposing to discontinue the listing of the Company's ordinary shares with effect from 31 May 2012, following a meeting by the Regulatory Decisions Committee (RDC) held on 26 April 2012. Subsequent to a submission made by the Company, the RDC has extended the proposed delisting date to 6 June 2012 to allow the Company to actively explore its options including a possible admission of its ordinary shares to trading on AIM. A further update will be made in due course. During the period three Non-Executive Directors resigned from the Board: Adrian Burn, James Donald and Nigel Hall. Patrick Garner, Finance Director retired from the Company on 30 April 2012. I would like to record our thanks for their wise counsel over the years. We were delighted to welcome to the Board as Non-Executive Directors Peter Hosker, Neil Lees, Mark Senior and John Whittaker. Pinewood Shepperton’s results for the period were achieved following major contributions by my fellow Directors and especially the staff. I thank them for their continued support. Lord Grade of Yarmouth, CBE Chairman 28 May 2012
Chairman’s statement Pinewood Shepperton plc has once again delivered another strong performance with revenues of £63.0m for the 15 month period ended 31 March 2012 (year to 31 December 2010: £43.4m). The Company has made a positive start to the new financial year. The Company has continued to invest in its facilities to ensure it remains the preferred destination for the screen based industries. A range of infrastructure projects have been completed or are under way to meet the ever increasing demands of its global customer base. These investments have included a £3.3m capital project for an electricity supply upgrade, a £0.5m new workshop facility and the new £5.6m 30,000 sq ft Richard Attenborough Stage officially named by Lord Puttnam on 23 April 2012. In addition, the Company announced on 29 February 2012 a transformational investment programme to expand its digital offering and HD television facilities. The Company’s international strategy has delivered positive growth. Our new markets in Canada, the Dominican Republic, Germany and Malaysia give the Company access to regions of the world where content production is expected to grow. The innovative water tank facility at Pinewood Indomina Studios in the Dominican Republic is expected to become operational during September 2012 and phase one of the Pinewood Iskandar Malaysia Studios is expected to open during May 2013. In light of the level of exceptional costs incurred in the period, the Board has decided not to recommend a dividend in respect of the 15 month period to 31 March 2012, resulting in nil interim dividends paid for the 15 month period. The Board is committed to pay dividends in line with its dividend policy of not less than three times cover.
Highlights • Revenue £63.0m (year to 31 December 2010: £43.4m) • Operating profit before exceptional items £13.2m (year to 31 December 2010: £9.1m) • Loss before tax after exceptional items of £1.9m (year to 31 December 2010 profit: £5.8m) • Basic earnings per share after adjusting for exceptional items and deferred tax: 14.6p (year to 31 December 2010: 8.0p) • Opening of the 30,000 sq ft Richard Attenborough Stage on time and within budget • Committed to a transformational digital television investment programme • Total committed facilities of £50m and renewal of the £5m overdraft facility • Facilities extended to November 2016
http://www.investegate.co.uk/Article.aspx?id=201206220700038805F
Pinewood Shepperton, the famous British film studio, is holding a general meeting on Friday so shareholders can vote on the company's decision to save a few bob my moving from the main market to its junior partner, AIM. The company intends by 31st March 2013 to increase the free float - the quantity of shares not held by committed long term stakeholders - by another 10% or so of the company's issued share capital following its move to AIM, whether by way of further issues of shares or by way of existing shareholders selling part of their holdings in the company.
Jange, the Isle of Man govt has indeed voted it's investment through and sacked one of it's council of ministers for not agreeing with the decision into the bargain! I wish all holders good luck for the benefit of the Isle of Man, but this seems to be a very odd way to use dwindling reserves. CinemaNX never covered themselves in glory and the public are yet to see a set of accounts for all the alleged benefit they brought to the island. The only real hope is that the historic savy of Mr Whittaker continues. GLA
can anyone advise me if i should sell my pws shares now and buy them back once they are re listed ? im a bit confused as there website says they will be listed at 2.50 and at the moment my shares are worth 3.47 . cheers .
You only have to do a Google search on CinemaNX and the Isle of Man / Isle of Man film and Pinewood to see how angry the residents of the Island are at their government over its film funding initiatives. It makes interesting reading. I'd be amazed it its Parliament vote this proposed investment through. Let's see though.
It has been proposed that, should an agreement take place, a core team from CinemaNX, which is the current adviser to the MDF, would join the company to provide a level of continuity.