Michael Grade under fire again at Pinewood Shepperton

Pinewood Shepperton chairman Michael Grade was today facing renewed calls to quit from rebel investor Crystal Amber.

Richard Bernstein, whose Crystal Amber fund has increased its holding to 27% to become the biggest shareholder, argues Pinewood has underperformed on Grade's watch.

"We think Pinewood deserves better stewardship," said Bernstein, who called for Grade to quit in June.

"This isn't about Michael Grade's personality. He has been chairman for 10 years and corporate governance guidelines suggest that any director who has been so for more than nine years should look at retiring."

Chief executive Ivan Dunleavy maintained Britain's biggest film and TV studios are "in good shape" despite pre-tax profits falling 7.5% to £1.5 million in the first six months.

Pinewood was hit by some US studios delaying filming until later in the year but they are now heavily booked with productions including the new Pirates of the Caribbean.

Dunleavy plans to meet Crystal Amber and other shareholders this week.