PWS1 Oct 2012 08:18
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.