Slim Posted March 14, 2015 Share Posted March 14, 2015 It's an office as I recall. Quote Link to comment Share on other sites More sharing options...
newsnight Posted March 31, 2015 Share Posted March 31, 2015 http://www.insidermedia.com/insider/central-and-east/136734-pinewood-announces-funding-plans/ At the same time as announcing the placing of the eight million shares, Pinewood reported that 8.3 million existing shares would be placed on behalf of a small number of existing shareholders with institutional and other investors at a price of 375p per share. Expect to see the IOM Treasury reduce its holding. Quote Link to comment Share on other sites More sharing options...
newsnight Posted March 31, 2015 Share Posted March 31, 2015 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12299880.html (b) Selling Shareholders In addition to the Placing of New Ordinary Shares, the Peel Group (through its subsidiary Peel Holdings) and the Isle of Man Treasury have agreed to sell 6,239,840 and 2,026,827 Existing Ordinary Shares, respectively, at the Placing Price, being in aggregate approximately 16.7 per cent. of the issued Existing Ordinary Shares. Immediately following Admission, the Enlarged Share Capital of the Company will be held as follows: Peel Holdings 39.09% Warren James 26.10% Isle of Man Treasury 4.99% Directors 0.54% Other 29.28% Total 100.0% Quote Link to comment Share on other sites More sharing options...
woolley Posted March 31, 2015 Share Posted March 31, 2015 So we made about £2.5 million on the sale of those? Quote Link to comment Share on other sites More sharing options...
newsnight Posted March 31, 2015 Share Posted March 31, 2015 We must remember that Treasury Minister Teare told the Parliament that the purchasing of the shares was an essential 'hedge' against the potential losses from the 'investment' in films, so everything is just tickee-babu isn't it? Treasury Minister Teare keeps telling us that we have to consider the 'investment' in a 'slate' of films and taking into account the increase of the share price so that taken together the Treasury should be making a good return, I expect he will be saying much the same as this any moment now. Of course he will also be announcing that the films will be independently audited so as to prove the earnings, no wait a moment, he also said it is a long term thing, so it will be quite sometime after the next General Election before any statement can possibly be made about how well or not the films have done in earnings most like. Still never mind, we are all doing so well so we can afford to wait can't we? Quote Link to comment Share on other sites More sharing options...
Trueblood Posted March 31, 2015 Share Posted March 31, 2015 (edited) http://www.iomtoday.co.im/news/business/manx-government-sells-pinewood-shares-at-a-profit-1-7185485 ‘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.’ Edited March 31, 2015 by Trueblood Quote Link to comment Share on other sites More sharing options...
Slim Posted March 31, 2015 Share Posted March 31, 2015 Newsnight, we've made 50% on our shares and reduced our exposure by half. Can't you even acknowledge that it is in fact good news? 2 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted March 31, 2015 Share Posted March 31, 2015 (edited) Newsnight, we've made 50% on our shares and reduced our exposure by half. Can't you even acknowledge that it is in fact good news? Would be even better if the films that we invested in turned in the same percentage. But that hasn't happened and nor is it likely to. Edited March 31, 2015 by Andy Onchan 1 Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted March 31, 2015 Share Posted March 31, 2015 http://www.iomtoday.co.im/news/business/manx-government-sells-pinewood-shares-at-a-profit-1-7185485 ‘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.’ 50% over what length of time? When did they buy the shares? Quote Link to comment Share on other sites More sharing options...
newsnight Posted March 31, 2015 Share Posted March 31, 2015 http://www.bbc.co.uk/news/world-europe-isle-of-man-13791982 The Isle of Man film industry has lost the government more than £27m, it has been revealed in the House of Keys. The figures were supplied by the Treasury after political questions from MHK Peter Karran. The information shows, despite investment of nearly £34m in the past few years, only £6m has been returned. The Manx government funds local production company CinemaNX to spearhead the island's interest in the film industry. Treasury Minister Anne Craine said: "The film is an industry which is, by reputation, risky. "Some films have been extremely successful and brought in great returns but sometimes you are not lucky, that is the nature of the game." Name them? http://www.tynwald.org.im/business/opqp/sittings/20112014/2012-GD-0029.pdf 3.1 Creating a hedge Stand alone direct investment into film production can be a very hit or miss affair and nobody should assume it to be without risk. We can look at the simple direct costs and investment return on films like Miss Potter (where we doubled our investment before even shooting the film) and Me and Orson Welles (where despite the rapturous critical acclaim) we will struggle to see 50% of investment returned directly. Therefore, the first rule of film investment must be that investment is made on a slate basis, or in other words, in many films over a long period of time. The tie-up with PWS will allow us to continue our slate approach and will give us access to much wider choice of product. The PWS investment, however, gives us a much more potent risk management tool. By taking a significant minority stake in PWS we get exposure to the big budget Hollywood films that do not require direct investment. We get this exposure through their contribution to PWS’s profits. In the years 2005 – 10 the net equity value, as measured by a growth in net equity reported on the annual balance sheet of the company, has grown at an average annual compound rate of 7.5%. I am simply taking Treasury Minister Teare at his word. A profit on share sales, and what has been the profit or loss on the films invested? Take it all together that's what he keeps saying so let's do that. What has been the overall rate of return on the money? Shouldn't all the claims being made by the Treasury be independently audited, verified, and I am not talking about Oxford Economics here either toundertake that effort? 1 Quote Link to comment Share on other sites More sharing options...
woody2 Posted March 31, 2015 Share Posted March 31, 2015 http://www.iomtoday.co.im/news/business/manx-government-sells-pinewood-shares-at-a-profit-1-7185485 ‘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.’ 50% over what length of time? When did they buy the shares? uk tax+ management and arrangement fees+inflation=zero 1 Quote Link to comment Share on other sites More sharing options...
x-in-man Posted March 31, 2015 Share Posted March 31, 2015 Yeah, but we nearly got The King's Speech and probably other such easily forgotten film classics that can now be bought for 99p in your local corner shop when you a 1 pound slab of chocolate. Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted March 31, 2015 Author Share Posted March 31, 2015 So the £2.5m 'profit' pays the management charges for the last 3 years and the next 4? Where's the rest of the £50m etc.? 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted March 31, 2015 Share Posted March 31, 2015 So the £2.5m 'profit' pays the management charges for the last 3 years and the next 4? Where's the rest of the £50m etc.? some say it is long term invested in a slate of films, I prefer wasted on vanity projects when it could have been far better used for the populace of the Island, the shares sale on their own would have been positive news but when underpinned by this loss I shall not be cracking open the bubbly. 2 Quote Link to comment Share on other sites More sharing options...
Zammo Maguire Posted March 31, 2015 Share Posted March 31, 2015 Newsnight, we've made 50% on our shares and reduced our exposure by half. Can't you even acknowledge that it is in fact good news? I bet Kate Beecroft won't acknowledge it. Quote Link to comment Share on other sites More sharing options...
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