28 Aug 2012 07:00
Pinewood Shepperton plc
28 August 2012
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.
"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".
Enquiries
Pinewood Shepperton plc +44 (0)1753 656732
Ivan Dunleavy - Chief Executive Andrew M Smith - Director of Strategy and Communications
N+1 Brewin (Nominated Adviser and Broker) +44 (0)113 241 0126
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Notes to editors
·; 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
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
Disclosures on the Company as required by AIM Rule 26 can be found at: www.pinewoodgroup.com/investor-relations.
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.