PWS.L Regulatory News (PWS)

15 Nov 2007 07:01

Pinewood Shepperton plc15 November 2007 15th November 2007 Pinewood Shepperton plc Statement regarding proposed plans for the extension of Pinewood Studios Pinewood Shepperton plc ("the Company") today announces its intention to seekapproval from the relevant planning authorities for a significant extension toPinewood Studios, on land adjacent to the existing Pinewood site. This proposal,known as "Project Pinewood", will create the world's first purpose-built Filmand Television 'live-work' community and ultimately a cluster for the widercreative industries. In doing this, Project Pinewood will combine the vocationalrequirements of the national and international film and television industrieswith the UK Government's demand for sustainable communities. The new development will be a "collage" of locations specifically designed forthe production of film and television. The site will comprise permanent workingsets of streetscapes and zones replicating locations across the UK, Europe andthe US. These zones will include an amphitheatre, a complete castle, a Venetiancanal, an Italian lakeside and street scenes from London, New York, Paris andLos Angeles. These permanent settings will give a significant boost to thespeed, efficiency and creative options available for the production of Film andTelevision shows. They will also bring together the UK's creative industries inone place and enhance Pinewood Studios' position as one of the premierfacilities for television and film production worldwide. As a key part of thedesign, Project Pinewood will also be a residential development, with theproposed creative community (expected to be in the region of 2000 and 2250homes) being integrated with the film locations. It is anticipated that theproject will create a sustainable community that will significantly contributeto the shortage of housing in the South East. To date the scoping of this project has been funded by the Company, the costs ofwhich are expected to be immaterial to its overall profitability. As withprevious developments it has undertaken, the Company will consider the mostappropriate method of financing Project Pinewood at the relevant time. Thedecision to proceed with the project will, in part, be dependent on thecompany's ability to gain planning permission for the development, which isexpected to take some time given that the proposed site is currently green beltland. Commenting on today's announcement, Ivan Dunleavy, Chief Executive of PinewoodShepperton plc said: "This is an ambitious and exciting project that is of national importance.Pinewood has been home to Film and Television for the last 70 years and thisdevelopment will help secure growth for the creative industries for the next 70years and beyond. "Project Pinewood is consistent with the Company's strategy, and in particularthe aim to grow its media park. The facilities we create will complementPinewood Shepperton's existing unique infrastructure and we expect it to becomean important additional incentive to bring global customers to the UK. "Although still in its early stages and subject to planning approvals, theproject has the potential to create significant value, while minimising risks toour shareholders." -- Ends -- For further information: Brunswick Group LLP020 7404 5959 A website containing further details and visual images of the scheme isavailable at www.projectpinewood.com. Pinewood Shepperton plc management will host a conference call for newswires at08.00hrs (UK time) on Thursday 15th November 2007. The number for this call is:+44 (0) 1452 561 263. The conference call ID number is 23888116. Management will also be hosting an open house event for analysts, investors andmedia during the course of today at Brunswick Group, 16 Lincoln's Inn Fields,London WC2A 3ED. Please call Brunswick for further details. Notes to Editors Pinewood Shepperton plc enjoys a worldwide reputation as a premium destinationfor film and television production. Pinewood Studios is uniquely positioned tocombine its current film and television infrastructure, resources and vision toundertake a development on this scale. Pinewood is already established as a global player: Pinewood Shepperton plc is the UK's leading player in Film and Televisioninfrastructure and one of Europe's leading studios. Film and Television aremajor contributors to the UK's creative industries, which are, in turn, highlyregarded internationally. Currently Europe is without an industry epicentre,unlike its counterparts in the USA. Pinewood has a unique heritage within the UK creative industries: Pinewood Shepperton plc has been home to Film and Television production inEurope for the last 70 years. This project will help secure the future for thescreen industries in the UK for the next 70 years and beyond. Pinewood is already a major employer of skills and talent: Pinewood Shepperton plc (which owns and operates three studios: Pinewood;Shepperton and Teddington) is a major contributor to the growth of the creativeindustries in the UK, attracting talent and skills at every level. ProjectPinewood will build on this, offering new opportunities for apprenticeships andtraining which will help fulfil Government objectives both for culturalindustries and education. Pinewood is in a pivotal location: The company is uniquely positioned to deliver this project. Its Pinewood Studiosare in an extremely advantageous location at the junction of the M25 and M40motorways and adjacent to the new Crossrail station at Iver. Although land around Pinewood Studios has historically been designated greenbelt, the existing studio site retains special planning status. PinewoodShepperton plc believes this exceptional opportunity is in the national interestand believes it will meet with favourable approval. No public funding is beingsought for Project Pinewood, which will be a significant economic boost to thecreative and local communities. Project Pinewood will be built on land owned byand adjacent to the famous Pinewood studio complex. Pinewood has the existing technology infrastructure to build on: With digital cinema, HDTV capabilities and broadband connectivity theopportunity for collaborative, real time production is available from London tothe world. Other supporters of the project include the following: Lord Puttnam: "It has the potential to be genuinely transformational through the uniqueopportunities and resources it offers to the next generation of mediaprofessionals. The inclusion of the training infrastructure will unquestionablyhelp to keep Britain at the heart of the global creative network." Sir Ridley Scott: "This project is a unique opportunity for film makers and designers to haveinput into the strategic and architectural development of the UK's creative hub.I am tremendously excited to see the opportunities of this project realised onscreen in future film and television production." Richard Curtis: "I think this is a tremendous project, particularly for people who don't want tospend most of their lives in Eastern Europe. The practical benefits for film andtelevision makers could be enormous, creating movies in one place - not severallocations - and being right next to all the best film facilities." Stewart Till, Chairman of UK Film Council: "UK film is respected across the globe. We have world-class film makers in theUK and they deserve world-class facilities. Project Pinewood would deliver theseand help secure the future of UK film for decades to come." About Pinewood Shepperton plc Pinewood Shepperton plc, comprising Pinewood, Shepperton and Teddington Studiosis at the heart of British film and television infrastructure and is one ofEurope's leading studio infrastructure groups. The Company provides facilities for major national and international filmproduction, filmed television, studio (electronic) television recording, thefilming of commercials and post production services, and a growing community ofover 280 media businesses. Pinewood Shepperton plc is already working on a phased modernisation of itscurrent studio site by adding to and upgrading its facilities - many of whichdate back to the 1930s. The initial elements are underway and pleasing progresshas been made on subsequent stages. Whilst these developments are ongoing,expected growth in the creative economy will place further demand on PinewoodStudios. Creative Industries accounts for £60.8 billion of the UK's GDP (7.3% of totalGDP) and the screen industries with which Pinewood Studios is most notablyassociated represent 30% of the sector. Creative Industries is a vital sectorfor the growth of the UK economy and the UK holds an enviable reputation forinnovation in this area. DTZ acts as the Company's property adviser. James Burland of Burland TM is the Masterplanner for Project Pinewood. This information is provided by RNS The company news service from the London Stock Exchange