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Sale of Pinewood Group plc shares

Friday, 28 October 2016

The Isle of Man Government Treasury wishes to announce that the sale of the remaining holding in Pinewood Group plc has been completed and the final proceeds are now held in cash in the Reserve Fund.

Treasury purchased 4,891,582 shares, a 9.9% stake, in Pinewood Group plc in 2012 with an original purchase price of £12,290,099.77.  Since 2012 Treasury has gradually reduced its holding to 2,052,255 shares and realised profits of over £3.75 million by 31st March 2016.

In July 2016 Pinewood announced it had appointed Rothschild to assist with a strategic review of its capital base and structure.

Subsequently, a formal offer was received for the remaining holding from Picture Holdco Limited for £5.60 per share cash plus a final dividend of 3.2 pence. This offer was accepted by the major shareholders, the Pinewood Board and Treasury. The final dividend was paid on the 3rd October and the takeover took effect on 4th October.  Final payment of £11,492,628 was received on 19th October.  The final summary is as follows:

Sales Value                     £22,425,988

Original Cost                   £12,290,099

Profit                             £10,135,889

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