U.K.'s Pinewood Shepperton to Move Stock to AIM Market
The big studio operator is leaving the London Stock Exchange's main market and raising $8.4 million via a new share offer.
British studio facilities operator Pinewood Shepperton said Friday it would proceed with its proposal to cancel its stock market listing on the main market of the London Stock Exchange and apply for its stock to be admitted to trading on its junior market AIM.
The biggest European operator of studio facilities also said it would raise £5.4 million ($8.4 million) by offering 2.16 million new shares at a price of 250 pence each ($3.90) if it is admitted to AIM, which focuses on smaller growth companies. Shareholders approved the moves on Friday.
Earlier this year, the British Financial Services Authority suggested a move from the main London market following news last year that Pinewood no longer satisfies what is known as the stock market's free float requirement that 25 percent of a company's stock be in public hands. Conglomerate Peel Group owns 71.1 percent, and jeweler Warren James owns 27.9 percent.
Pinewood recently said that it was in talks with the Isle of Man to buy a 19.9 percent stake in the company.
"It is expected that the last day of dealings in the ordinary shares on the main market will be July 20," the company said Friday. "Admission is expected to take place and dealings in ordinary shares are expected to commence on AIM, at 8 a.m. on July 23."