Pinewood, the British studio where parts of Star Wars: The Force Awakens were shot, has put out the for sale sign.
The company announced on Wednesday that it is kicking off a strategic review to try and broaden its shareholder base in preparation for future growth. The review “could include a sale of the Company.”
Pinewood raised £30 million last year to fund a multi-year upgrade of the company’s studio and production facilities. But Pinewood says in the statement:
The shareholder register, however, remains tightly held, which has continued to stifle liquidity in the shares and has prevented the Company from achieving its aim of obtaining a main market listing.
The Board has now determined that it is appropriate to evaluate alternative opportunities to maximise value for the Company’s shareholders and to build on Pinewood’s successes to date. We believe there is a requirement for a funding strategy to be in place to fully realise the Company’s future potential.
The strategic review comes as Pinewood announced that full-year results due at the end of March are set to be above its previously forecast results.
CEO Ivan Dunleavy says in the statement:
We believe Pinewood has the potential to build on the strong performance of the last few years to grow further both in the UK and internationally. The Board is now looking to identify the best ways to create the appropriate capital structure to allow the Company to realise its goals in the best interests of shareholders.
Pinewood, where parts of the latest James Bond film Spectre were also filmed, has hired Rothschild to review the company’s options.
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