Government could make £10 million from Pinewood shares

Pinewood proft likely

The Manx Government has made more than £11 million selling its shares in Pinewood studios – and still has more than 40 per cent of its initial stake.

The figures were revealed in a question for written answer during Tynwald’s sitting this week.

South Douglas MHK Kate Beecroft wanted to know how many shares Treasury still has in the company, how many it’s sold and for how much.

The government bought nearly five million shares in the UK business in 2012 for £2.50 each.

In his reply, Treasury Minister Eddie Teare said the government has sold almost three million shares in the past 12 months.

The sales, in seven tranches, priced those shares at between £3.75 and £4.45 each.

In total, the Isle of Man has recouped just over £11 million since April 2015 – and still has more than two million shares in its portfolio.

This week, the company’s share price stood at around £5.60 – meaning the government could make around another £11.5 million if it sold its remaining stake – a profit of around £10 million on the original deal.