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Pinewood shareholder calls on Grade to resign

David Hellier
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MICHAEL Grade, the former ITV chief executive and current chairman of soon-to-be floated online grocer Ocado will today be urged to resign as chairman of Pinewood Studios by one of the group’s larger shareholders.

The embarrassing challenge to Grade, which will be made at today’s shareholder meeting, comes from the 18 per cent holder Crystal Amber which yesterday held a meeting with him at its offices.

Grade attended the meeting accompanied by one of Pinewood’s advisers from JP?Morgan Cazenove.?

“We have tried to be constructive and we have given the chairman a number of suggestions about how to improve the group’s performance and improve perceptions about the group but we feel we have been getting nowhere,” a source close to Crystal Amber told City A.M. yesterday.

Crystal Amber’s move will not help sentiment towards Ocado, where hopes of reaching a £1bn valuation are being questioned in the City as overambitious.

Last night sources close to Ocado said the board is still “very supportive” of Grade.