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Film studio group Pinewood says it may sell itself

Published: 09:30 10 Feb 2016 GMT

Film studio group Pinewood says it may sell itself
Spectre starring Daniel Craig was the 24th James Bond film shot at Pinewood studios

Shares in Pinewood Group (LON:PNS) soared nearly 15% after the film maker forecast better-than-expected annual results and said it could sell itself.

The stock rose 66p to 515.5p as the company unveiled a strong performance in TV, its media hub, international revenues and media investment revenue.

"Accordingly, management's current expectations of performance for the financial year ending 31 March 2016 are now higher than at the time of the interim results last December, " Pinewood said in a trading update.

Pinewood films have included latest Bond film Spectre with Daniel Craig, Steve Jobs featuring Michael Fassbender and Kate Winslet and Brooklyn starring Jim Broadbent and Julie Walters.

The company added that its tightly held shares were stopping it securing a main market listing and raising cash to boost growth.

It said it had now decided to "evaluate alternative opportunities" to maximise shareholder value including a possible sale.

"Accordingly, Rothschild has been appointed to assist with a strategic review of the overall capital base and structure, which could include a sale of the company," it said.

Chief executive Ivan Dunleavy said: "We believe Pinewood has the potential to build on the strong performance of the last few years to grow further both in the UK and internationally.

"The board is now looking to identify the best ways to create the appropriate capital structure to allow the company to realise its goals in the best interests of shareholders."

 

 

 

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