£45m value put on Welsh TV firm

Tinopolis subsidiary Mentorn produces the BBC's Question Time

A Welsh independent TV company, which produces the BBC's Question Time, is planning to leave the stock market in a multimillion-pound restructuring.

Llanelli-based Tinopolis is to go private and will stop being quoted publicly on the stock market.

Management have joined forces with a private equity firm to invest more cash in the company in a deal which values Tinopolis at around £44.7m.

Shareholders, including directors, have seen the value of their shares soar.

Tinopolis chairman Ron Jones is the third biggest shareholder and together the management team, including broadcaster Angharad Mair, control around 18% of the company.

It is important to stress we will remain a Welsh company with the same managers, and headquarters in Llanelli Angharad Mair, director

Mr Jones and other shareholders have stakes in Tinopolis worth several million pounds.

The deal involving Vitruvian Partners will depend on being accepted by all share holders - and with shares at 45p per share, represent a big premium on the 34p closing price yesterday (Thursday).

Mr Jones said: "It is very exciting for Tinopolis. All companies have had trouble with the credit crunch and getting investment but this will be good for the company.

"The game plan has not really changed we sought a stock market listing because it was the best place to go to pursue our ambitions for growth.

"But time has moved on and the public market is no longer an attractive place to be as a TV production company."

Ms Mair added: "It is important to stress we will remain a Welsh company with the same managers, and headquarters in Llanelli. But it is a way of accessing more funds for investment."

Tinopolis owns the Mentorn and Sunset and Vine Production subsidiaries and credits including Question Time and Channel Four drama Blitz.