Treasury sells off 50 per cent of Pinewood shares

Tue, 31 Mar 2015

Treasury has sold off half of its shares in Pinewood plc at a 50 per cent profit.

Net profit for the sale stands at approximately £2.5 million - which will be transferred into public funds for the Island.

The move was announced on the stock exchange this morning.

It means a total return of £7.6 million, with government now holding around five per cent of shares in the company - valued at around £10.7 million.

Its management of the Island's Media Development Fund won't be affected by the deal.