Grade holds on to Pinewood role

Mr Grade, who has been Pinewood's chairman since his involvement in a management buy-out from Rank Group in 2000, was targeted by investment fund Crystal Amber on the eve of the company's annual meeting in London.

The activist fund, which has an 18 per cent stake, highlighted Mr Grade's "poor stewardship" as chairman of the company and said the board needed fresh leadership.

Mr Grade, who was not up for re-election at yesterday's annual meeting, said he continued to hold the support of the majority of shareholders.

He 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. The board will continue to run the business in the interests of shareholders as a whole." Crystal approached the board with proposals of its own to enhance perceptions of the value in the business, which is best known for the James Bond films.