PWS.L Regulatory News (PWS)

RNS

29 April 2013

US Joint Venture Agreement and Trading Update

Pinewood Shepperton plc ("the Company" or "Pinewood"), a leading provider of services to the global film and television industry, today announces a joint venture to be named Pinewood Atlanta, with River's Rock llc, an independently managed trust of the Cathy family. The joint venture will work to initially develop 288 acres of land south of Atlanta, Georgia, USA, into world class studio facilities for the production of film, television, music and video games.

The land and studio construction costs will be funded by equity from River's Rock and a debt facility from Synovus Bank. The business will operate under the Pinewood trademark and Pinewood has received 40% of the shareholding in the joint venture. Pinewood will provide the joint venture with sales and marketing services.

Pinewood Atlanta will allow producers access to attractive fiscal incentives from the State of Georgia, within a conveniently located, secure hub in the USA for productions to base themselves. Construction is expected to commence immediately.Ivan Dunleavy, Pinewood CEO, said: "Today's agreement is another step forward for the Pinewood brand internationally. This new studio will target US productions. Georgia has excellent fiscal incentives and a great crew base. With River's Rock we have a well resourced partner that is committed to building a first class studio facility."

Jim Pace, Managing Partner, River's Rock llc said: "We are tremendously excited to be creating a world class studio in the state of Georgia and are looking forward to working with Pinewood in the many years to come. The Pinewood brand is so well recognized in the global film industry and together there is a great opportunity to build an excellent facility that will attract the very best producers."

Trading Update

Trading for the financial year ended 31 March 2013 was in line with management expectations. As we start the new financial year the outlook for the year across all our revenue streams continues to reflect strong demand.The Company's planning application for the proposed £200 million project to increase the capacity at Pinewood Studios by 100,000 sq m of additional facilities, which is expected to create an additional 3,100 jobs and produce an additional £149m in Gross Value Added, will be heard by South Bucks District Council on 15 May 2013.

-ENDS-

Enquiries

Notes to editors

·; Pinewood Shepperton plc is Europe's largest provider of stage and studio space

·; 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 and Shepperton Studios have been home to over 1,500 films in more than 75 years

·; Pinewood, Shepperton and Teddington Studios have hosted over 600 TV shows

·; There are over 250 independent, media related companies based at Pinewood and Shepperton's Media Hub

·; The Pinewood Group's international network of Studios includes Toronto, Canada; Berlin, Germany; Iskandar, Malaysia; and the Dominican Republic. The Group has an agreement in place with joint venture partner Seven Stars Media Limited to assess a number of business proposals in the growing entertainment market in China.

·; The Group now offers financing to UK film and television production as part of its growing range of services.

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.