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Final agreement to buy Pinewood shares reached
FINAL agreement for the Isle of Man to purchase shares in Pinewood film studios has been reached.
Treasury Minister Eddie Teare MHK today (Monday) outlined the terms of the contact, which will see the island take a stake of 9.89 per cent in Pinewood from Peel Holdings at a cost of £12,230,000 taken from Isle of Man Government’s investment reserves.
In June, Tynwald granted for a stake up to 19.9 per cent to be purchased, which was to be at a cost £24m.
Mr Teare said: ‘After detailed and robust negotiations we have managed to secure the same benefits for less exposure. In simple terms, the island will enjoy all the advantages of teaming up with one of the world’s leading media brands for half the original sum quoted.’
The deal will also see management of the Isle of Man Government’s Media Development Fund transferred to Pinewood as soon as the company becomes FSA complaint, which is expected to happen within the next few weeks.
The UK company will take on the role of adviser for the island’s £25 million film and television investment fund for an initial five year period.
Treasury has also reached an agreement to buy nearly five million ordinary shares in Pinewood Shepperton plc from Goodweather Investment Management Ltd, a member of Peel Group.
Explaining the benefits to the Isle of Man from the deal, Mr Teare said: ‘We are working with a major well recognised brand in the entertainment industry, Pinewood Shepperton. The two of us working together can achieve a lot more than individually ... Pinewood is able to provide facilities to them in terms of filming on their stages and we have actual location filming on the Isle of Man.’
Mr Teare explained two films – independent of this agreement – were being filmed in collaboration with Pinewood, including period drama Belle, which is currently being filmed in the island before the it will move to Pinewood Studios in Oxford and London to complete production. And later this month filming of period drama Dom Hemingway will take place in the island and is to star actors Jude Law and Richard E. Grant.
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Weather for Isle of Man
Tuesday 21 May 2013
Today
Sunny spells
Temperature: 8 C to 13 C
Wind Speed: 24 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 6 C to 12 C
Wind Speed: 22 mph
Wind direction: North west
