RNS Number : 1147H
TVC Holdings PLC
06 July 2012
TVC Holdings PLC
6 July 2012
TVC HOLDINGS PLC
ANNUAL GENERAL MEETING
TVC Holdings plc ("TVC" or the "Company"), a leading investment holding company, held its Annual General Meeting in Dublin today (Friday, 6 July 2012).
Speaking at the meeting, Executive Chairman, Shane Reihill, said:
"We were pleased with the performance of the Company during the year, as we continued to work with our core portfolio investments to maximise their value. This included the sale of OpSource, Inc. during the period realising total proceeds of €1.3 million, which contributed to a gross portfolio return of €10.7 million.
"As at 31 March 2012, TVC had net assets of €115.2 million, mainly comprised of cash and Government bonds of €72.6 million, quoted equity investments of €29.9 million and unquoted investments of €12.2 million. Your Company has no debt. TVC's current market capitalisation is approximately €84 million representing a discount of 29% to its book valuation.
"We believe that there are restructuring opportunities in Ireland and the UK where companies with excessive debt need to raise new equity at attractive terms for new investors. While TVC evaluated a number of new investment opportunities during the year, we did not complete any new investments.
"We believe that with TVC's significant cash balance and no debt, plus the extensive experience of management, the Company is in a very strong position to make additional long term investments at what we expect to be attractive valuations, adding further value to our investment portfolio. The Company will continue to deliver on its stated strategy and maximise value for all our shareholders".
TVC Holdings plc
Shane Reihill, Executive Chairman
John Tracey, Chief Executive Officer
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