MHK skeptical over Pinewood share sale

Wed, 08 Apr 2015

Selling off Pinewood shares is "good news" for government - but is no reflection on the results of the deal as a whole.

That's the message from the leader of the Liberal Vannin Party after Treasury sold around half of its holdings in the company.

This made a 50 per cent profit - resulting in a return to the public coffers of approximately £2.5 million.

It means government now holds around five per cent of the total shares in the company - valued at around £10.7 million.

However Kate Beecroft says the Media Development Fund has taken a significant hit of some £31.7 million so the recent success isn't a big deal: