13th Apr 2015 08:50
LONDON (Alliance News) - Activist investor Crystal Amber Fund Ltd has bought up enough shares in a recent placing by Pinewood Group PLC to take a 4% stake in the company, the Financial Times reported Sunday.
Crystal Amber previously had a 28.3% stake in Pinewood, but its attempts to attack Chairman Michael Grade, calling for him to be removed, were thwarted in 2010 and it sold its stake to Peel Holdings.
Pinewood launched a placing to raise GBP30 million at the end of March, and the Financial Times reported that Crystal Amber saw this as an opening. A general meeting to issue the shares will be held on Thursday.
A spokesperson for Pinewood said it had "no comment" on the report.
Shares in Pinewood are trading up 2.3% at 455.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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