The UK film studio at the heart of the government’s plans for the Island’s film industry has completed its move to the Alternative Investment Market.

Pinewood Shepperton raised more than five million pounds through the new share placing when it moved from the main market to AIM.

As part of the move, Manx-based chairman of Peel Holdings John Whittaker has stepped down from the studio’s board.

The studio left the London Stock Exchange because at least a quarter of its stock needs to be in public hands under the exchange rules.

As well as Mr Whittaker, head of legal Peter Hosker announced he’d also step down.

The move comes after the Manx government said it would buy a stake of up to 20 per cent in the studio for around ?24m.

Those moves have provoked some stern criticism in the House of Keys and Tynwald from backbenchers.

After the move to the AIM was completed yesterday, the company said it would appoint a new non-executive director soon.