Treasury Minister Eddie Teare MHK has confirmed that the Manx Government has sold about half of its shares in Pinewood Group plc for some 50% more than it paid for them.
The deal, which makes a net profit in the region of £2.5m for the public funds of the Island, was announced on the Stock Exchange this morning (Tuesday, March 31).
The sale, yielding a total return of £7.6m, reduces the Government holding in Pinewood from 9.9% to 4.99% but it still holds shares valued at around £10.7m.
Pinewood's management of the Island's Media Development Fund, which is a separate arrangement, is unaffected by the sale.
Mr Teare explained:
'Pinewood has been raising capital for the expansion of its studios and this has presented us with an opportunity to realise the value of some of our shareholding in the Group. Fifty per cent is a nice return on an investment so this is very good news for the Government and public of the Isle of Man.'
