The activist fund led by Richard Bernstein, wants the studio to develop its property assets aggressively. It believes the studio is undervalued at £74m, and is canvassing fellow shareholders for support. Its share holders include Peel Holdings, the largest investor with 27% holdings, SVG Capital and Aberdeen Asset Management.
Pinewood's stock price outperformed the FTSE All-Share index by 14 per cent last year but is still lower than its 2004 float price of 180p. It has diversified into television to smooth its income stream and has expanded overseas. The studio was bought out by Grade from Rank in 2000.