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Film producer Pinewood Studios has revealed that it is in negotiations with the Isle of Man government to advise on a media development fund for an initial period of five years. If an agreement is reached, the company will source and advise on film investment opportunities for its £25m Media Development Fund (MDF)
oh and Cash at the end of the period fell to £0.4m, compared to £0.5m at the end of 2010.
In light of the level of exceptional costs incurred in the period, the board has decided not to recommend a dividend for the period (year to December 31st 2010: 3.6p).
"The company is well placed to meet the increasing demand for content both at its UK studios and abroad and has embarked on a consultation for the future development of Pinewood Studios. The board looks forward to the future with confidence." During the five quarter 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.
Ivan Dunleavy, Chief Executive, said: "Despite increasing global competition during the fifteen month period ended 31 March 2012, the company won significant business from big budget films for our facilities which resulted in the Studios achieving high utilisation. "In television, the trend for large audience television shows continues. The Media Park, home to around 300 media businesses, remains attractive to the makers and producers of film, television, video games and the wider digital screen industries."
Film revenues for the fifteen month period were £44.9m (December 31st 2010: £29.1m), while Digital Content Services (DCS) revenues for the fifteen month period were £8.0m (December 31st 2010: £5.8m). International revenues contributed £1.2m (December 31st 2010: £0.6m), while television revenues for the fifteen month period were £10.1m (December 31st 2010: £8.2m), reflecting the current television commissioning environment and competitive market conditions.
EBITDA (earnings before exceptional items, interest, tax, depreciation and amortisation) was £17.9m (12 months to December 31st 2010: £12.8m). Revenue for the 15-month period came in at £63.0m versus £43.4m for the 12-month period covering 2010.
Finance costs of £4.56m also took a chunk out of operating profits, leaving a loss before tax for the 15 months to March 31st of £1.89m, versus a profit of £5.82m for the whole of 2012, when finance costs were just £3.31m and exceptional charges were negligible. Stripping out the exceptional charges, the company made a profit before tax of £9.5m, which probably accounts for the shares rising to 331.64p over the lunch-time trading session, up from 303.5p overnight.
The company, which is changing its year end after becoming a subsidiary of Peel Holdings, reported figures for a 15-month period which showed it slipped into the red, after spending £3.67m on fighting the Peel takeover and writing off a five-year £7.07m investment on Project Pinewood, which got the thumbs down from the Secretary of State for Communities and Local Government, who refused planning permission for the project.
Film studio Pinewood Shepperton's results received rave reviews, despite the unpleasant plot twist involving a massive write-off of costs relating to its Project Pinewood expansion project.
Commenting on today's results, Ivan Dunleavy, Chief Executive, said: "The first half of the year has delivered a positive performance across the business with good demand from big budget films and large scale TV productions. Despite the current economic uncertainties, the Company is performing strongly. Trading since the 30 June has been buoyant and is expected to continue to perform well for the year as a whole. Our investment in infrastructure to support growth is ongoing and we look to the future with confidence".
Pinewood Shepperton plc (the "Company"), a leading provider of services to the global film and television industry, today announces its unaudited interim results for the six months ended 30 June 2011. Highlights · Revenue £26.1m (2010: £19.0m) · Operating profit before exceptional items £6.6m (2010: £2.9m) · Profit before tax £1.5m (2010: £1.5m) · Basic earnings per share after adjusting for exceptional items and deferred tax 9.8p (2010: 1.0p) · Commenced development of additional 30,000 sq ft stage capacity at Pinewood Studios · Progress on: independent UK film investment, Project Pinewood inquiry and energy reduction infrastructure programme
http://www.investegate.co.uk/Article.aspx?id=201108240700109143M
http://investegate.co.uk/Article.aspx?id=201106291213213542J
Pinewood Shepperton (PWS) has recommended an improved takeover offer from Peel Holdings, its largest shareholder, valuing the film studio owner at 96.1 million pounds (159.2 million dollars). The 200p a share in cash and 2.5p dividend offer follows news last week that businessman Mohammed Al Fayed was considering making an all cash offer for the group. Shares in Pinewood, whose stages have been used for James Bond films and many other big budget productions, fell 9.5p to 203.5p.
PEEL Holdings has upped its offer for Pinewood Shepperton and won the backing of the film studio's directors and a major investor. In a statement to the stock market Peel said it would now pay 200p a share, up 10p on an earlier offer, valuing the business at £96.1m. Peel already holds 29.7% of the shares and says it has now won the support of directors and a major shareholder, Crystal Amber, who together hold 33.4% of the share capital. Its offer will be put to shareholders at a general meeting on May 31. Former Harrods owner Mohamed Al Fayed has also stated his intention to make a cash offer for the business but Pinewood's directors said they had supported Peel's move because there was no certainty of an offer from Al Fayed. Pinewood's chairman Lord Grade said the deal would give investors a chance to realise value at an "attractive premium" in what is a volatile industry. In its first public statement on the deal Peel said it was part of a long-term strategy to broaden its investments in diverse sectors through partnerships with complementary businesses. "Peel's intention is for Pinewood to operate independently of Peel's existing media assets, including MediaCityUK", it said. Chairman John Whittaker said: "Peel believes that the acquisition represents an attractive proposition for the shareholders of Pinewood. Peel is a long-term investor in Pinewood and the wider media sector through its MediaCityUK investment and looks forward to supporting the Pinewood management in growing its operational business and developing its unique Project Pinewood proposal. Peel represents a long-term strategic partner for Pinewood in continuing to grow and develop the business." Lord Grade said: "The Pinewood independent directors have recommended this offer to shareholders as it delivers certainty at an attractive premium. In the context of increasing illiquidity in the trading of Pinewood shares, the Pinewood independent directors believe that this stable time in a volatile industry offers shareholders an opportune moment to realise value. "Peel has been a most supportive shareholder, committed to our strategy and vision for the group. The board is satisfied that the long-term future of these assets, which make such a contribution to the growth of the UK's creative industries, will pass into safe hands. He added: "The Pinewood independent directors believe that today's proposal will give the business the long-term stability it needs to build on the success of the past few years." Pinewood, famous for the production of James Bond and Harry Potter films, has studios in Pinewood in Buckinghamshire, and Shepperton and Teddington in Middlesex, Peel, which agreed a £1.6bn deal to sell the Trafford Centre to Capital Shopping Centres in January, is responsible for developing MediaCity at Salford Quays which will be home to BBC North and new facilities for ITV. The bus
Outlook Film stage revenues for the remainder of 2011 are now largely contracted, with some visibility extending into early 2012. Overall revenues for 2011 are in line with market expectations which rose following the announcement of the Company's Results on 8 March 2011. The Directors of the Company accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of the Company (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
INTERIM MANAGEMENT STATEMENT Pinewood Shepperton plc Pinewood Shepperton plc (the "Company"), a leading provider of services to the global film and television industry, today issues its Interim Management Statement for the period 1 January 2011 to 26 April 2011. Revenue Performance In line with the statement made on 8 March 2011 at the announcement of the Company's Results for the year to 31 December 2010, overall revenues for the period 1 January 2011 to 26 April 2011 have continued to perform well. Film Film revenues were up, compared to the same period in 2010, as a result of the Company's ongoing success in winning business in a buoyant but highly competitive international market. Productions which used the Company's facilities and services during the period included Clash of the Titans 2 (Warner Bros.), 47 Ronin (Universal) and Iron Lady (Pathé). Television In a soft market the flexibility of the Company's film stages and television studios demonstrate the value and versatility of its offering. During the period, the Company hosted live broadcasts of prime time light entertainment television shows, Dancing on Ice (ITV) from Shepperton Studios and, at the same time, Got To Dance (Princess Productions) from Pinewood Studios in front of combined live studio audiences of 1,600. Television revenues are currently ahead of the same period last year. Media Park Media Park revenues have remained consistent.
http://www.investegate.co.uk/Article.aspx?id=201104270700165183F
Statement regarding Pinewood Shepperton plc http://www.investegate.co.uk/Article.aspx?id=201104211031103473F
Pinewood receives another bid offer Date: Wednesday 20 Apr 2011 LONDON (ShareCast) - Pinewood Shepperton today confirmed that it had received another bid offer not even two weeks after a takeover approach from its biggest shareholder. Peel Holdings made a 190p a share approach for the company after the close of trading on Friday 8 April, sending its shares up sharply. Today the company, which owns the film studios used for the James Bond films, confirmed that had received a further approach from an unconnected third party, which also may or may not lead to an offer being made for the company. Pinewood said a further announcement would be made in due course.
Approach Update The Board of Pinewood announced on 8 April 2011 that it had received an approach for the entire issued and to be issued share capital of Pinewood at a price of 190 pence (plus the dividend of 2.5 pence per share in respect of the financial year ended 31 December 2010) from Peel Holdings Limited ("Peel"). Peel is a 29.78% shareholder in Pinewood. Since that date the Board of Pinewood has received a further approach from an unconnected third party which also may or may not lead to an offer being made for the Company.
Carry on Rising !
Pinewood Shepperton receives bid Date: Monday 11 Apr 2011 LONDON (ShareCast) - Pinewood Shepperton, the film studios used for the James Bond films, has received a takeover approach from its biggest shareholder. Peel Holdings made a 190p a share approach for the company, Pinewood announced after the close of trading on Friday, after a sharp rise in its share price. The shares were up again today, climbing by 8p to 193.5p. “This approach may or may not lead to an offer being made for the company,” Pinewood said. “A further announcement will be made in due course.”