LONDON — Blighty’s Pinewood Shepperton Group is plowing forward with its proposal to cancel its listing on the main market of the London Stock Exchange and move toward trading on the Alternative Investment Market for smaller companies.
Following approval from its shareholders at a general meeting on Friday, Pinewood, which is controlled by Peel Group, also said it will raise £5.4 million ($8.4 million) by placing 2,160,000 new ordinary shares at a price of 250 pence ($3.98) each, conditional on admission to the AIM.
The company said its last day of trading on the London Stock Exchange is expected to be July 20, and it will commence trading on the AIM, which is more flexible for smaller growth companies, on July 23.
Pinewood, the U.K.’s largest studio space, which has housed upcoming pics such as “Les Miserables” and new James Bond instalment “Skyfall,” is 71.1% owned by Brit real estate, transport and infrastructure investment company Peel Group, and 27.9% owned by jeweller Warren James.
This week, the Isle of Man approved proposals for a $37 million share deal with Pinewood, which could see the Isle take up to a 20% stake in the U.K. studios group.
On Friday afternoon, Pinewood’s share price was up 4.2 pence (6.5 cents) to £3.51 ($5.48) per share.