Pinewood Shepperton Says Main Holders Are Backing Board

29th Jun 2010 08:25

LONDON (Dow Jones)--Film and television production company Pinewood Shepperton PLC (PWS.LN) Tuesday said it has the backing of the majority of its shareholders, after its second-largest shareholder called for the company's chairman to quit. In a brief statement ahead of the company's annual meeting later Tuesday Chairman Michael Grade said the company is aware of the views of Crystal Amber Fund Ltd. (CRS.LN), having met with them on a number of occasions. The fund Monday issued a statement calling for Grade to stand down, as it claims the company's management hasn't realized the true value of the business. However, Grade said Pinewood Shepperton's latest discussions with its other major shareholders--representing a clear majority--give the company confidence that they support the board, its stewardship and strategy. The company--which owns the studios behind the James Bond films--said it will continue to optimize the use of its facilities across the creative industries, to enhance its studios through improvement and expansion and to add value to its unique property assets. It added that the vast majority of film stage revenues for the second half of the year are already contracted. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires June 29, 2010 03:25 ET (07:25 GMT)