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Pinewood Shepperton PLC Share Price fell to £1.24, market capitalisation £56.85 million, on the back of a decision to press on with the stubborn quest to get greenbelt land for houses in Iver Heath, South Bucks.

If you have £28.5 million, you can buy a controlling interest or 51% of the shares at this valuation.

One wise shareholder dumped 250 000 shares at £1.24 on the news that The Board are still after the greenbelt land.

Anyway here is what they said before the shares fell over 5% on the day The FTSE  rose 1%.

RNS Number : 1792D Pinewood Shepperton plc 27 November 2009

 Pinewood Shepperton plc

Project Pinewood Update

Pinewood Shepperton plc (the “Company”) is the leading European provider of studio and related services to the worldwide film and television industry.

On 01 June 2009, following extensive public consultation, the Company submitted its planning application to South Bucks District Council (”SBDC”) for Project Pinewood, a long term scheme of national significance to expand Pinewood Studios and create a living and working community for the creative industries.

The planning application was refused on 21 October 2009, principally on the grounds that it comprised development in the green belt. The Company has also been notified of an application to register a part of its proposed site as a Town or Village Green. The company will contest this application.

Objections to and initial refusal of the planning application were anticipated. The Company remains committed to progressing further its application for the relevant permissions for this important project.

For further information, please contact:
Pinewood Shepperton plc
Ivan Dunleavy - Chief Executive 01753 656 183
Brunswick Group LLP
James Olley / Oliver Hughes 020 7404 5959 

 www.pinewoodgroup.com 

http://uk.finance.yahoo.com/news/pinewood-targeted-by-village-green-preservation-society-digilook-a2d98f8c6f3d.html

http://uk.finance.yahoo.com/news/pinewood-shepperton-says-district-council-rejects-project-plan-targetukfocus-fb4b6d32c355.html

South Bucks District Council said on its website that its committee believed the development of over 110 acres in the green belt and Colne Valley Park towards the west of London would have caused significant degradation to the local environment and quality of life of local residents.

The green belt policy in UK town planning is used to control urban growth and to ensure that the open land areas may be used for agriculture, forestry or outdoor sports and recreation.

Jonathan Stuart-Brown

www.savethebritishfilmindustry.com