6 Jun 2012 07:00
PINEWOOD SHEPPERTON PLC
PINEWOOD IN NEGOTIATIONS TO ADVISE ON £25 MILLION MEDIA DEVELOPMENT FUND
Further to the announcement on 30 May 2012 in which the Board announced that it is considering a proposal to manage a third party film fund, Pinewood Shepperton plc ("the Company"), a leading provider of services to the global film and television industry announces today that it is negotiating a binding agreement with the Government of the Isle of Man ("IOM") for the Company to source and advise on film investment opportunities for its £25 million Media Development Fund ("MDF") for an initial term of 5 years. If the Company enters into an agreement to advise the MDF, it is proposed that a core team from CinemaNX (the current adviser to the MDF) will join the Company to provide continuity.
The Company notes the 4 June 2012 resolution tabled by the Minister for the Treasury, IOM, that the "Treasury be authorised but not required to expend from the reserve fund an amount of up to £24 million to purchase up to 19.9% of the ordinary shares of Pinewood Shepperton plc from its shareholders, if satisfactory terms can be agreed in connection with this proposal." The resolution requires the consent of the Tynwald (Isle of Man Parliament).
A further announcement will be made in due course.
Enquiries
Pinewood Shepperton plc Ivan Dunleavy - Chief Executive Andrew M Smith - Director of Strategy and Communications | +44 (0)1753 656732 |
Notes to editors
The Company
·; Pinewood Shepperton plc is Europe's largest provider of stage and studio space.
·; The 30,000 sq ft Richard Attenborough Stage was officially opened on 23 April 2012.
·; Pinewood, Shepperton and Teddington Studios together accommodate 34 stages, five dedicated digital television studios and five digital presentation studios.
·; Pinewood Studios is home to Europe's leading studio-based underwater filming stage, as well as one of the largest exterior water tanks in Europe.
·; Pinewood Studios has Europe's largest green screen.
·; Pinewood and Shepperton Studios have been home to over 1,500 films in the last 75 years.
·; Pinewood, Shepperton and Teddington Studios have hosted over 600 TV shows.
·; Network speeds of 10 Gb/s across each Studio Lot.
Media Development Fund
The Isle of Man Media Development Fund ('MDF') provides equity investment to film and television productions shooting on the Isle of Man.
The MDF is currently run by CinemaNX Limited and offers a broad range of film investment including:
·; Equity finance
·; UK Distribution
·; Discounting of Tax Credits and other 'soft' money
·; Provision of contract discounting and 'gap' financing
CinemaNX does not have any upper or lower limit on its investments and packages are considered on a case by case basis. CinemaNX will normally only invest in projects where UK distribution rights are available.
Forward looking statements
This announcement includes forward looking statements that are based on current expectations and assumptions. They involve risks and uncertainties and may differ, possibly materially, from actual results, performance and achievement. Neither the Company, nor any of its directors, undertakes any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
For more information
www.pinewoodgroup.com
Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website, nor any other website, is incorporated into, or forms part of this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.