Pinewood Exploring Strategic Alternatives, Including Sale
Europe's largest provider of studio space is known as the famed home of James Bond and ’Star Wars.’
U.K.-based Pinewood Group, Europe's largest provider of studio space, known as the famed home of the James Bond and Star Wars franchises, has launched a strategic review of its “overall capital base and structure,” including a possible sale of the company.
The company said it would "evaluate alternative opportunities to maximize value for the company’s shareholders and to build on Pinewood’s successes to date. The board believes that the company, as the world leading studio and production services operator, has significant future growth potential."
Said CEO Ivan Dunleavy: “We believe Pinewood has the potential to build on the strong performance of the last few years to grow further both in the U.K. and internationally. The board is now looking to identify the best ways to create the appropriate capital structure to allow the company to realize its goals in the best interests of shareholders.”
Pinewood last year had a stock placement to raise money for phase one of an expansion and enable the company to move to a full stock market listing. "The shareholder register, however, remains tightly held, which has continued to stifle liquidity in the shares and has prevented the company from achieving its aim of obtaining a main market listing," Pinewood said on Wednesday. "The board has now determined that it is appropriate to evaluate alternative opportunities to maximize value for the company’s shareholders and to build on Pinewood’s successes to date."
It added that there was "a requirement for a funding strategy to be in place to fully realize the company’s future potential," including via expansion phases two and three.
Pinewood has appointed Rothschild to help it with its strategic review. Pinewood's stock market value is currently around $362 million (250 million pounds).