Pinewood : Recommended Cash Offer for Pinewood Group plc

By Picture Holdco Limited (a newly-incorporated company indirectly owned by PW Fund III) intended to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006

Commenting on the Offer, Lord Grade of Yarmouth, CBE, Chairman of Pinewood, said:

'The Board believes that Bidco can provide Pinewood with the platform required for future growth. The Pinewood Group has been transformed in recent years but has been somewhat constrained in realising its ambitions due to the lack of share liquidity. As a result of the Strategic Review instigated by the Board, Pinewood now has the prospect of a funding structure for the future. The Board is encouraged by the commitment Bidco has already shown to management, to Pinewood's strategy for growth, and to the future of the iconic Pinewood Studios.

The Board believes that this transaction provides our shareholders with an attractive offer. Moreover the Board believes that following the transaction, Pinewood and clients will benefit from greater opportunities in the years ahead and the Board intends to recommend the offer unanimously.'

Commenting on the Offer, Léon Bressler, Managing Partner of Aermont, said:

'Pinewood is an iconic brand at the heart of the global creative industries.

The transformation of the business in recent years has been considerable and it is clear that there are more ambitions to be realised. We are excited about the potential to support the business as an independent company.

Aermont has a strong track record in operating companies with a real estate component. We look forward to working with Pinewood's management team to deliver their compelling strategy for future growth, both in the UK and internationally.'