Peel sells 19% stake in Pinewood
PROPERTY development and investment group Peel , is selling a near 20% stake in film studios operator Pinewood as part of a major fund-raising deal by the company.
Manchester-based Peel, the largest shareholder in Pinewood – where the latest James Bond film is being made – is cutting its stake from 58.1% to 39.09% in a deal that at current prices will net the group £38.5m.
The Isle of Man government, which held 9.9% of Pinewood’s shares is halving its stake to 4.99%, while Pinewood’s second largest Stockport-based jeweller Warren James is maintaining its 26% holding.
Pinewood is placing eight million shares at 375p per share to raise £30m to fund the first phase of a major expansion project. The company also plans to move from AIM to the main market and announced £135m new debt facilities with four lenders, Lloyds, Royal Bank of Scotland, HSBC and Barclays.
Manchester lawyers acted on the deal with Roger Hart, corporate partner at Addleshaw Goddard, advising Peel and James Sheridan, head of corporate at boutique commercial firm Turner Parkinson, acted for Warren James.
