29 Jun 2010 07:00
Pinewood Shepperton plc
29 June 2010
Pinewood Shepperton plc
AGM Statement and Trading Update
At today's Annual General Meeting, Chairman Michael Grade will make the following statement:
"The Company's strategy has enabled the business to withstand the difficult economic conditions of the last few years. The Board is pleased therefore to have maintained dividend payments to shareholders. We will continue to optimise the use of our facilities across the creative industries, to enhance our Studios through improvement and expansion and to add value to our unique property assets. We are pursuing other relevant business opportunities that provide meaningful benefit to the Group as appropriate.
We announced on 25 June, 2010 that the Board has invited Steven Underwood, of the Peel Group, which holds 26.6% of the company, to join the Board. We welcome Peel's support and endorsement of the Board's long-term strategy for the Company.
The Board has noted comments made to the press yesterday evening by Crystal Amber, one of its major shareholders. We are well aware of Crystal Amber's viewpoint having met with them on a number of occasions. Our latest discussions with our other major shareholders, representing a clear majority, give us confidence that they support the Board, its stewardship and strategy. The Board will continue to run the business in the interests of shareholders as a whole.
Current Trading
In the Interim Management Statement of 12 May, 2010 the Company reported that overall revenues for 2010 remain in line with market expectations. This continues to be the case with the vast majority of film stage revenues for the second half of the year already contracted.
The Company welcomes the commitment by the new Government to maintain Film Tax Relief, recognising the economic benefits, particularly inward investment, that the UK film industry brings to the wider economy."
Enquiries
Pinewood Shepperton plc
Ivan Dunleavy - Chief Executive +44 (0) 1753 656 732
Brunswick Group LLP
James Olley/Oliver Hughes +44 (0) 20 7404 5959