Arrangement of New Board Appointment

RNS 

Arrangement of New Board Appointment

Pinewood Shepperton plc

25 June 2010

Pinewood Shepperton plc

Arrangement of New Board Appointment

The Board has invited Mr Steven Underwood to join the Board as a non-executive Director with effect from the conclusion of the Annual General Meeting of the Company to be held next Tuesday 29 June 2010.

Mr Underwood is currently a full time executive of the Peel Group, a leading infrastructure, transport, real estate and media investment company.

Peel holds 26.6% of the issued share capital of Pinewood Shepperton plc via Goodweather Investment Management. In connection with the appointment of Mr Steven Underwood, Peel has provided undertakings pursuant to which, inter alia, it has agreed that during the period that Mr Underwood or any other representative of Peel is a director of the Company (the "Peel Representative") and, in the event that there ceases to be a Peel Representative, for a further period of six months thereafter, Peel shall not, without the recommendation of the Board, make an offer for the Company or put itself in a position where it is obliged to make such an offer under the Takeover Code. These restrictions shall not apply in the event that an unconnected third party announces a firm intention to make an offer for the Company.

In addition, it has been agreed that whilst there is a Peel Representative the Company shall at all times operate independently of the Peel Group, in particular, including that there should always be a majority of directors of the Company who are independent of the Peel Group and that all transactions, dealings and other relationships between the Peel Group and the Pinewood Group shall be on arm's length terms and on a normal commercial basis.

Commenting on the appointment, Michael Grade, Chairman of Pinewood Shepperton said:

"Steven is a welcome addition to the Board. His appointment shows Peel's commitment to the long-term success of this business. In addition to their proven commercial judgement, their particular expertise and success in property planning and development will provide invaluable support to the Board and its strategy. I look forward to working closely with him as we continue to deliver our strategic goals."

Steven Underwood commented:

"I'm delighted to be joining the Board. Pinewood Shepperton is an internationally renowned brand with a great heritage and exciting plans for the future, particularly Project Pinewood; a plan with enormous potential. I look forward to playing my part in helping the Company achieve its goals and delivering long-term value for shareholders as a whole."

Enquiries

Pinewood Shepperton plc

Ivan Dunleavy, Chief Executive +44 (0) 1753 656 732

Brunswick Group LLP

James Olley / Oliver Hughes +44 (0) 20 7404 5959

Notes to Editors

Steven Underwood (36) trained as a chartered accountant. He joined the Board of the Peel Group as Corporate Development Director in March 2007, after eight years in Investment Banking with Rothschild. He represents the Peel Group on the Boards of a number of its investee companies, including Ports, Airports, Media, Land & Property and The Trafford Centre.