Pinewood Group PLC Technicolor Lease Surrender (9143M)
January 25 2016 - 10:14AM
UK Regulatory
TIDMPWS
RNS Number : 9143M
Pinewood Group PLC
25 January 2016
25th January 2016
Pinewood Group plc ("Pinewood" or the "Company")
Technicolor Lease Surrender
Pinewood announces that it has accepted a surrender of the
Technicolor lease, which gave Technicolor a break clause in 2018,
for a premium satisfied by way of a cash payment of GBP1.6m (before
expenses). Pinewood estimates the net income from the lease
surrender premium to be GBP750k which will be recognised in the
financial year ended 31 March 2016.
Enquiries:
Pinewood Group plc +44(0)1753 656 732
Andrew M Smith - Corporate Affairs Director
Peel Hunt LLP +44 (0)20 7418 8900
Edward Knight
Euan Brown
Notes to editors
-- Pinewood Group plc is Europe's largest provider of stage and studio space
-- Pinewood Studios, Shepperton Studios and Pinewood Studio
Wales together accommodate 37 stages and three dedicated digital
television studios
-- Pinewood Studios is home to Europe's leading studio-based
underwater filming stage, as well as one of the largest exterior
water tanks in Europe
-- The Group now offers financing to UK film, television and
video game production as part of its growing range of services
-- Pinewood Studios and Shepperton Studios have been home to
over 2,000 films in more than 80 years
-- Pinewood Studios and Shepperton Studios have hosted over 800 TV shows
-- There are approximately 260 independent, media related
companies based within the Pinewood, Shepperton and Wales Media
Hubs
-- The Pinewood Group's international network of studios
includes Toronto, Canada; Iskandar, Malaysia; the Dominican
Republic; Atlanta, Georgia, USA; and activities in China and
Ireland
Forward looking statements
This announcement includes forward looking statements that are
based on current expectations and assumptions. They involve risks
and uncertainties and may differ, possibly materially, from actual
results, performance and achievement. Neither the Company, nor any
of its Directors, undertakes any obligation to update publicly or
revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
For more information
www.pinewoodgroup.com
Neither the content of the Company's website nor the content of
any website accessible from hyperlinks on the Company's website,
nor any other website, is incorporated into, or forms part of this
announcement nor, unless previously published by means of a
recognised information service, should any such content be relied
upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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