Film studio Pinewood Shepperton completed its move to the Alternative Investment Market today and agreed to keep the number of directors from majority shareholder Peel Group below the level of independent members.
Peel subsidiary Goodweather Investment Management holds 68% of the shares in Pinewood, which moved from the main market of the London Stock Exchange due to a lack of public trading in the shares after Peel's takeover.
Peel chairman Whittaker and head of legal Peter Hosker have both resigned from the Pinewood board with immediate effect. A new independent non-executive director will be appointed soon.
Pinewood has also placed more than 2m new shares at 250p each, raising £5.4m.
Shares in Pinewood were unmoved at 330p.