In a scenario that resembles Lionsgate's hostile takeover battle with Carl Icahn, Pinewood Shepperton Studios chairman Michael Grade has resisted a major investor's attempts to oust him due to the studios' poor performance.
Asset management company Crystal Amber, which has an 18% stake, singled out board chairman Grade and senior independent director Adrian Burn for the ax, saying that board renewal was "essential to improve the performance of the group," in a release sent on the eve of the studio's annual shareholders meeting in London on Tuesday.
After the meeting Grade said, "Our latest discussions with our other major shareholders, representing a clear majority, give us confidence that they support the board, its stewardship and strategy."
Crystal Amber is the studio's second largest shareholder after the Peel Group, which owns a 26.6% stake. Peel is known to back Grade. Its representive Steven Underwood was recently invited to join the board.
Profits at Pinewood Shepperton, home to the James Bond and Harry Potter franchises, have halved since the studios were floated on the stock market in 2004. Profit before tax was £4.5 million ($6.8 million) in 2009 compared to $15.2 million in 2004 -- a 56% drop.
Crystal Amber, which bills itself on its website as "taking stakes in undervalued companies and taking action to enhance value," began investing in Pinewood Shepperton 18 months ago.
Its director and investment adviser Richard Bernstein said the group had repeatedly offered proposals to the board to "enhance the perceptions of the value in the business" but felt that meetings with Grade had been "unproductive."
He added, "We have experienced poor stewardship of shareholder interests at first hand and have regrettably come to the conclusion that he has neither the desire nor the wherewithal to deliver."
A Pinewood spokesman said the call for Grade and Burn to step down was "never even voiced" at the shareholders' meeting.
Grade did tell the board and shareholders that the company's strategy has "enabled the business to withstand the difficult economic conditions of the last few years."
He added the board was pleased to have maintained dividend payments to shareholders.
"We will continue to optimize the use of our facilities across the creative industries to enhance our studios through improvement and expansion and to add value to our unique property assets," he said. "We are pursuing other relevant business opportunities that provide meaningful benefit to the group as appropriate."
Bernstein added that Crystal Amber would continue to converse with other shareholders in hopes to "refresh the board."
The Pinewood Studios Group was formed in 2000 after a management team bought Pinewood Studios in Buckinghamshire from the Rank Group and the Middlesex-based Shepperton Studios in 2001.
In 2005, it acquired London's Teddington Studios as well as the former studios of Thames Television.
The studio has also spread its wings internationally: In February, Pinewood Studios and Germany's Studio Hamburg formed a joint venture, dubbed Pinewood Studio Berlin Film Services, which allows international filmmakers to take advantage of joint infrastructure and services in Germany and Blighty.
A year ago, Pinewood expanded into the Canadian market and sealed a comprehensive sales and marketing deal for FilmPort, the city's largest studio, which it rebranded Pinewood Toronto Studios. Her Majesty Queen Elizabeth II will visit Pinewood Toronto on Monday, as part of her nine-day trip to Canada.
In December, the studio facilities group pacted with Malaysia's government to set up a studio in the country, which is expected to be completed in 2012.
The studio is currently looking to expand in Buckinghamshire under its $327 million Project Pinewood. The proposal, which aims to span 110 acres, was submitted to local planning authorities in June 2009 and refused in October due to a campaign by local residents. It is currently appealing the refusal.
"Pirates of the Caribbean: On Stranger Tides" is currently shooting at the Buckinghamshire branch.
Contact Diana Lodderhose at diana.lodderhose@variety.com.
I quite liked League, albeit on DVD, there are a few movies out there fine on DVD but you'd feel cheated at the cinema. Mind you, I hadn't read the comic book at that point, and having done so I can see that is Terry Gilliam territory and he should have done it, thrown in a bit of smut too, as it's in the original (the visit to the girls' school).
But yeah, you'd think Sir Sean would do another just for the sake of not having that as his last; not saying Indy IV would have redeemed anything imo.
The "League" film was awful, and that animated movie looks dredful, but while watching that trailer on UTube I came across Craig Ferguson's Connery skits ..... they are great!
Ah well... I wonder if the screenplay is time sensitive? Can they just pick up the script in 3-4 years time?
I'd be interested in reading it, now I won't be able to see it any time soon.
"This is where we leave you Mr Bond."
Roger Moore 1927-2017
LoeffelholzThe United States, With LovePosts: 8,990Quartermasters
This is intolerable X-(
Check out my Amazon author page!Mark Loeffelholz
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
I'll wait until Michael G. Wilson says the film has been canned before I believe it; I can't take articles with phrases like: "a glum insider said", "reportedly", "rumours", "a source told", "believed to have" any more seriously than watercooler gossip.
Thunderbird 2East of Cardiff, Wales.Posts: 2,777MI6 Agent
I'll wait until Michael G. Wilson says the film has been canned before I believe it; I can't take articles with phrases like: "a glum insider said", "reportedly", "rumours", "a source told", "believed to have" any more seriously than watercooler gossip.
Quite right. This is a variation of that kind of gossip - Media gossip. No specific person is being quoted. Unless Mr Wilson, Ms Broccoli or their official reps say it, it isn't official. Even if it is true!
This is Thunderbird 2, how can I be of assistance?
Well it's cocktail hour around my hut.
Here's hoping that Goldeneye for the Wii won't be Craig's 3rd and last Bond movie, the way Everything or Nothing was Brosnan's 5th and last Bond movie.
I so hope this means that Craig is not out as Bond - not only for the fact that I really liked the arc that this tenure was following - but a certain amount of continuity was forming.
I know Dench is not everyone's favourite M, BUT if this is on hold for say 3 - 4 years - it's going to be incredibly difficult to keep her in - and I was wanting to see her exit 'on screen' so to speak.
Gutted
She's worth whatever chaos she brings to the table and you know it. ~ Mark Anthony
SeanConnery007The Bond Archive - London, EngPosts: 169MI6 Agent
Things begin to look more and more like Dalton's tenure at the end of the 80's - not a good sign, a real shame and a major blow for the franchise
These MGM execs should be sharing a cell with Bernie Madoff. Tossers.
Yes...but instead they're no doubt going to be elected to Congress.
Check out my Amazon author page!Mark Loeffelholz
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
PPK 7.65mmSaratoga Springs NY USAPosts: 1,230MI6 Agent
You must remember that the Mirror is a tabloid paper, and until I here from Wilson or Broccoli or a representative of theirs I am going to ignore this. Also MGM's debt extension runs out this month so they will have to make a deal with some one if they do not want to close their doors for good.
LoeffelholzThe United States, With LovePosts: 8,990Quartermasters
You must remember that the Mirror is a tabloid paper, and until I here from Wilson or Broccoli or a representative of theirs I am going to ignore this. Also MGM's debt extension runs out this month so they will have to make a deal with some one if they do not want to close their doors for good.
I certainly hope you're right, PPK. Unfortunately I've got an instinctive feeling that it's on the level. I'd love to be wrong. So here's hoping Mr. Wilson and/or Ms. Broccoli come out to denounce these ugly rumours {[]
Check out my Amazon author page!Mark Loeffelholz
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
It seems a bit odd to me. At the end of the month whether a deal is made or MGM is sold off piece by piece somebody is going to own that part of Bond and whoever it is will want the next Bond film to go into production asap so they can start getting a return on their investment. It is possible that someone at EON purposefully planted this story to force someone's hand. EON has a script, possibly a director (replacing Mendes if needed would not be hard) and Craig is under contract for at least one more film. I wonder if EON would prefer MGM to just go off into the sunset allowing them to partner with a stable company (like Sony) that has much deeper pockets and not have to put up with these ongoing MGM financial dramas that crop up every few years.
But production company EON confirmed in a statement yesterday: “We do not know when development will resume and cannot comment further at this stage.”
That sounds to me like nothing has changed...at least I hope so.
"A blunt instrument wielded by a Government department. Hard, ruthless, sardonic, fatalistic. He likes gambling, golf, fast motor cars. All his movements are relaxed and economical". Ian Fleming
I so hope this means that Craig is not out as Bond - not only for the fact that I really liked the arc that this tenure was following - but a certain amount of continuity was forming.
I know Dench is not everyone's favourite M, BUT if this is on hold for say 3 - 4 years - it's going to be incredibly difficult to keep her in - and I was wanting to see her exit 'on screen' so to speak.
Gutted
I really agree re the 'arc', but I fear that the 'shut down' rather than 'suspended' rumours are true. A freind of mine in the film industry with strong connections at Pinewood told me a couple of weeks ago that people who were 'attached' to the film were being prepared to be 'stood down'. This means that the whole ball has to get going again from scratch once the problems are solved. If this is not resolved very quickly I think we are likely to be looking at a gap of Dalton-ish proportions and a new actor for Bond plus a new script...very sad as I had such high hopes for 23 giving us Craig's fully realised Bond.
I'll wait until Michael G. Wilson says the film has been canned before I believe it; I can't take articles with phrases like: "a glum insider said", "reportedly", "rumours", "a source told", "believed to have" any more seriously than watercooler gossip.
Quite right. This is a variation of that kind of gossip - Media gossip. No specific person is being quoted. Unless Mr Wilson, Ms Broccoli or their official reps say it, it isn't official. Even if it is true!
I hope you're right gentlemen...But I'm very worry...
Personally I hope that MGM has finaly figured out their problems by July 14 and has made the made the steps needed for Bond 23 to start production again. I am getting pretty tired of reading articles about how MGM is so desperate for money after producing so many stinkers and nearly losing their shirts for it.
Comments
Pinewood chairman resists investor takeover
Crystal Amber attempts to oust Grade
In a scenario that resembles Lionsgate's hostile takeover battle with Carl Icahn, Pinewood Shepperton Studios chairman Michael Grade has resisted a major investor's attempts to oust him due to the studios' poor performance.
Asset management company Crystal Amber, which has an 18% stake, singled out board chairman Grade and senior independent director Adrian Burn for the ax, saying that board renewal was "essential to improve the performance of the group," in a release sent on the eve of the studio's annual shareholders meeting in London on Tuesday.
After the meeting Grade said, "Our latest discussions with our other major shareholders, representing a clear majority, give us confidence that they support the board, its stewardship and strategy."
Crystal Amber is the studio's second largest shareholder after the Peel Group, which owns a 26.6% stake. Peel is known to back Grade. Its representive Steven Underwood was recently invited to join the board.
Profits at Pinewood Shepperton, home to the James Bond and Harry Potter franchises, have halved since the studios were floated on the stock market in 2004. Profit before tax was £4.5 million ($6.8 million) in 2009 compared to $15.2 million in 2004 -- a 56% drop.
Crystal Amber, which bills itself on its website as "taking stakes in undervalued companies and taking action to enhance value," began investing in Pinewood Shepperton 18 months ago.
Its director and investment adviser Richard Bernstein said the group had repeatedly offered proposals to the board to "enhance the perceptions of the value in the business" but felt that meetings with Grade had been "unproductive."
He added, "We have experienced poor stewardship of shareholder interests at first hand and have regrettably come to the conclusion that he has neither the desire nor the wherewithal to deliver."
A Pinewood spokesman said the call for Grade and Burn to step down was "never even voiced" at the shareholders' meeting.
Grade did tell the board and shareholders that the company's strategy has "enabled the business to withstand the difficult economic conditions of the last few years."
He added the board was pleased to have maintained dividend payments to shareholders.
"We will continue to optimize the use of our facilities across the creative industries to enhance our studios through improvement and expansion and to add value to our unique property assets," he said. "We are pursuing other relevant business opportunities that provide meaningful benefit to the group as appropriate."
Bernstein added that Crystal Amber would continue to converse with other shareholders in hopes to "refresh the board."
The Pinewood Studios Group was formed in 2000 after a management team bought Pinewood Studios in Buckinghamshire from the Rank Group and the Middlesex-based Shepperton Studios in 2001.
In 2005, it acquired London's Teddington Studios as well as the former studios of Thames Television.
The studio has also spread its wings internationally: In February, Pinewood Studios and Germany's Studio Hamburg formed a joint venture, dubbed Pinewood Studio Berlin Film Services, which allows international filmmakers to take advantage of joint infrastructure and services in Germany and Blighty.
A year ago, Pinewood expanded into the Canadian market and sealed a comprehensive sales and marketing deal for FilmPort, the city's largest studio, which it rebranded Pinewood Toronto Studios. Her Majesty Queen Elizabeth II will visit Pinewood Toronto on Monday, as part of her nine-day trip to Canada.
In December, the studio facilities group pacted with Malaysia's government to set up a studio in the country, which is expected to be completed in 2012.
The studio is currently looking to expand in Buckinghamshire under its $327 million Project Pinewood. The proposal, which aims to span 110 acres, was submitted to local planning authorities in June 2009 and refused in October due to a campaign by local residents. It is currently appealing the refusal.
"Pirates of the Caribbean: On Stranger Tides" is currently shooting at the Buckinghamshire branch.
Contact Diana Lodderhose at diana.lodderhose@variety.com.
Link:
http://www.variety.com/article/VR1118021223.html?categoryid=4025&cs=1&nid=2564&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+variety%2Fnews%2Ffilm+%28Variety+-+Film+News%29&utm_content=Twitter
WHAT THE HELL?...
I physically hurt after watching that, and actually want to smack Sean Connery in the face... Hard.
http://apbateman.com
WTF?
Sir Sean...no...
But yeah, you'd think Sir Sean would do another just for the sake of not having that as his last; not saying Indy IV would have redeemed anything imo.
Roger Moore 1927-2017
Well. That just...sucked.
Bond’s Beretta
The Handguns of Ian Fleming's James Bond
http://www.digitalspy.co.uk/movies/news/a236773/new-james-bond-film-scrapped.html
http://www.mirror.co.uk/celebs/news/2010/07/02/new-james-bond-film-canned-due-to-cash-crisis-115875-22375892/
I'd be interested in reading it, now I won't be able to see it any time soon.
Roger Moore 1927-2017
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
Quite right. This is a variation of that kind of gossip - Media gossip. No specific person is being quoted. Unless Mr Wilson, Ms Broccoli or their official reps say it, it isn't official. Even if it is true!
Here's hoping that Goldeneye for the Wii won't be Craig's 3rd and last Bond movie, the way Everything or Nothing was Brosnan's 5th and last Bond movie.
-{ -{ <clink>
I know Dench is not everyone's favourite M, BUT if this is on hold for say 3 - 4 years - it's going to be incredibly difficult to keep her in - and I was wanting to see her exit 'on screen' so to speak.
Gutted
Yes...but instead they're no doubt going to be elected to Congress.
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
I certainly hope you're right, PPK. Unfortunately I've got an instinctive feeling that it's on the level. I'd love to be wrong. So here's hoping Mr. Wilson and/or Ms. Broccoli come out to denounce these ugly rumours {[]
"I am not an entrant in the Shakespeare Stakes." - Ian Fleming
"Screw 'em." - Daniel Craig, The Best James Bond EverTM
But production company EON confirmed in a statement yesterday: “We do not know when development will resume and cannot comment further at this stage.”
That sounds to me like nothing has changed...at least I hope so.
I really agree re the 'arc', but I fear that the 'shut down' rather than 'suspended' rumours are true. A freind of mine in the film industry with strong connections at Pinewood told me a couple of weeks ago that people who were 'attached' to the film were being prepared to be 'stood down'. This means that the whole ball has to get going again from scratch once the problems are solved. If this is not resolved very quickly I think we are likely to be looking at a gap of Dalton-ish proportions and a new actor for Bond plus a new script...very sad as I had such high hopes for 23 giving us Craig's fully realised Bond.
I hope you're right gentlemen...But I'm very worry...
Ha!
-{
But you yourself are nothing so divine.
Just next in line.
Personally I hope that MGM has finaly figured out their problems by July 14 and has made the made the steps needed for Bond 23 to start production again. I am getting pretty tired of reading articles about how MGM is so desperate for money after producing so many stinkers and nearly losing their shirts for it.