Treasury Minister Eddie Teare has defended the Isle of Man's investment in Pinewood film studios, ahead of the company's annual results due tomorrow (Thursday).

At the final sitting of the House of Keys before the summer recess, Mr Teare was quizzed by Douglas member Kate Beecroft over the government's stake in Pinewood. She had wanted to know why the share price had declined but, following the announcement that Pinewood had won planning permission to double in size, shares had gone up to 482p from 415p at the start of June.

Mr Teare said: 'It is to be expected that from time to time there will be volatility in share prices but I have been impressed by the performance of this share. It has certainly been by far and away the best performing share in the government's portfolio.

'As we stand at the moment, we have turned an investment of ?12.5million into an investment which is currently worth ?23million.'

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