Minister who led deal admits surprise at profit level
A good commercial decision.
That is how the Island’s former Treasury Minister has described the Manx government's investment in Pinewood.
It paid almost £12.3 million for a 9.9 per cent stake in the Pinewood Group in 2012, selling almost half of the shares last year and the remaining stake earlier this month for a combined total of £22.4 million.
Eddie Teare admits, however, he didn’t expect the government would make a £10.1 million profit.
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