Pinewood to switch to AIM in July

Film studios Pinewood Shepperton, controlled by Peel Group, said on Friday it plans to move from the main market of the London Stock Exchange to the more flexible Alternative Investment Market for smaller companies.

The resolution was passed at a general meeting of shareholders by a show of hands.
Pinewood will also raise £5.4m through the placing of 2,160,000 new ordinary shares at a price of 250p each, conditional on admission to AIM.

The company's last day of dealings on the main market will be Friday 20 July 2012. The first day on AIM will be Monday 23 July 2012.

Peel took over Pinewood in July 2011. Following the takeover, Pinewood no longer satisfied the so-called free float requirement that 25% of the company's shares be in public hands.

Peel owns 71.1% and Stockport jeweller Warren James own 27.9%. Neither was likely to sell in the short term.

Pinewood alerted the FSA to the static share situation in July 2011 following its takeover by Peel, which is rumoured to be considering a Pinewood film studio complex at Media City in Trafford and Salford.

Peel could have taken Pinewood private but has instead opted for the halfway house of the less stringently regulated AIM.

Your Comments

Read our comments policy here