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Pinewood deal can proceed
THE deal for the Manx government to buy shares in the Pinewood film studios can formally proceed following an announcement to the Stock Market.
Treasury Minister Eddie Teare MHK told the House of Keys that Pinewood Shepperton plc has received consent from the UK’s Financial Services Authority.
‘The transaction will now formally proceed,’ he said.
The consents allow for Pinewood Shepperton to become the investment manager for the island’s £25 million Media Development Fund. Purchase from Peel Holdings of a 9.89 per cent shareholding in the studio will take place at the same time.
In its statement to the Stock Exchange, Pinewood said the agreement will come into effect on Thursday (October 25).
It said that from the same date former CinemaNX director Steve Christian will join the board as an executive director.
In the Keys there were further questions about the deal with Alfred Cannan (Michael) claimed we were ‘taking all the risks and they are getting all the returns’ - a claim dismissed as ‘absolute poppycock’ by the Treasury Minister.
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Weather for Isle of Man
Wednesday 22 May 2013
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Temperature: 6 C to 12 C
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