25 Jan 2016 15:14
25th January 2016
Pinewood Group plc ("Pinewood" or the "Company")
Technicolor Lease Surrender
Pinewood announces that it has accepted a surrender of the Technicolor lease, which gave Technicolor a break clause in 2018, for a premium satisfied by way of a cash payment of £1.6m (before expenses). Pinewood estimates the net income from the lease surrender premium to be £750k which will be recognised in the financial year ended 31 March 2016.
Enquiries:
Pinewood Group plc +44(0)1753 656 732
Andrew M Smith - Corporate Affairs Director
Peel Hunt LLP +44 (0)20 7418 8900
Edward Knight
Euan Brown
Notes to editors
· Pinewood Group plc is Europe's largest provider of stage and studio space
· Pinewood Studios, Shepperton Studios and Pinewood Studio Wales together accommodate 37 stages and three dedicated digital television 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
· The Group now offers financing to UK film, television and video game production as part of its growing range of services
· Pinewood Studios and Shepperton Studios have been home to over 2,000 films in more than 80 years
· Pinewood Studios and Shepperton Studios have hosted over 800 TV shows
· There are approximately 260 independent, media related companies based within the Pinewood, Shepperton and Wales Media Hubs
· The Pinewood Group's international network of studios includes Toronto, Canada; Iskandar, Malaysia; the Dominican Republic; Atlanta, Georgia, USA; and activities in China and Ireland
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.