Peel secures controlling interest in Pinewood

The Peel Group, owners of MediaCityUK, has taken a majority shareholding in Pinewood Shepperton, writes Kevin Hilton. Peel Acquisitions (Pegasus), the company formed to oversee buying the film and TV studios group, has bought shares that give its parent company a 71.1 percent stake in Pinewood.
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The Peel Group, owners of MediaCityUK, has taken a majority shareholding in Pinewood Shepperton, writes Kevin Hilton. Peel Acquisitions (Pegasus), the company formed to oversee buying the film and TV studios group, has bought shares that give its parent company a 71.1 percent stake in Pinewood. The offer to buy stock from Pinewood's shareholders closed last Friday (8th July). Peel announced on Monday that it now holds 33,574,818 shares in the studios group, which includes the sites at Shepperton and Teddington as well as Pinewood. This builds on Peel's previous 29.7 percent stake in the company, representing 13,766,500 shares. Peel Acquisitions valued the Pinewood group, which includes audio dubbing theatres and sound editing suites in addition to video facilities and sound stages, at £96.1m ($159.2m, €108.6m) on 27th April, when its formal approach to buy shares was made. There has been a shift on the Board of Pinewood in favour of Peel in the last year. Peel's Steven Underwood became a non-executive director in June 2010. More recently three Pinewood non-executive directors stepped down, while four new directors from Peel have joined the Board. Commenting on the changes, Pinewood's group director of corporate affairs, Andrew M Smith, says, "Peel has long been a supporter of the business and with its increased shareholding we look forward to continued support as we take Pinewood into its next 75 years." www.pinewoodgroup.com

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