Michael Grade came under renewed pressure yesterday to quit as chairman of the UK’s leading independent film studio.
Richard Bernstein, a director of Crystal Amber funds, which owns 18 per cent of Pinewood Shepperton, labelled the former ITV executive chairman “clueless” and called on him to step down.
Mr Bernstein said that the studio responsible for the James Bond franchise was a “great business”. But after Pinewood’s annual meeting he said: “Over six years the share price is down 20 per cent, the profits before tax have more than halved; the buck has to stop with Michael Grade.”
The Times understands that Crystal Amber will now talk to other shareholders, including Aberdeen Asset Management and SVG Capital, to see whether they would support a change in leadership. If so, it may call an extraordinary meeting in an attempt to vote out Mr Grade.
Mr Grade was not up for re-election at yesterday’s annual meeting. He said he retained the support of a “very, very clear majority of shareholders.” He added: “On the evidence [Crystal Amber] are clearly in the minority.”
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Pinewood, which recently hosted the new Robin Hood movie, has been hit by the recession as well as the Hollywood writers’ strike.
Pre-tax profits fell from £10.1 million in 2004, when it was floated, to £4.45 million last year. Shares in Pinewood closed up 1.43 per cent at 142p.