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Pinewood signs deal to manage Isle of Man £25m film fund

Pinewood signs deal to manage Isle of Man £25m film fund
News
Staff Reporter
01 October 2012

Pinewood Shepperton has signed a five-year agreement with the Isle of Man Treasury to source and advise on film investment opportunities for the Treasury's  £25 million fund.

Talks between the Isle of Man Treasury and Pinewood Shepperton were first made public in July of this year.

The Isle of Man Treasury will be advised by a specially-formed subsidiary company Pinewood Film Advisors, which will also monitor and capitalise on UK distribution rights in films and television programmes that the Treasury has funded. 

The Treasury intends to offer a broad range of film investment including equity finance, UK distribution and 'gap' financing. There are no upper or lower limits on its investments and each project will be considered on a case by case basis.

Ivan Dunleavy, Pinewood Shepperton chief executive said: “This agreement is a further example of extending the reach of the Pinewood brand and builds on the Company’s successful Pinewood Films initiative to play a bigger role in UK independent film and television production.”

Pinewood Film Advisors will receive an annual management fee, fees on film projects where the Treasury, a proportion of the revenue received from the UK distribution rights for films, as well as a proportion of the revenue received from the existing library of 97 Isle of Man Treasury funded films as a fee for managing the collection of revenues from the films.

Steve Christian, the current chairman of CinemaNX (the previous adviser to the Isle of Man Treasury), together with a core team of four CinemaNX employees will join Pinewood Film Advisors to provide additional expertise and continuity. 

Goodweather Investment Management (a member of the Peel Group) has agreed to sell just under five million ordinary shares in the capital of Pinewood to the Treasury at a price of 250 pence per share.

Pinewood Shepperton has just completed a significant upgrade to its TV facilities and is adding a 45,000 sq ft studio facility, including a new sound stage, at Pinewood Studios.




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