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TVC AGM hears of progress so far

Friday, July 06 12:39:25

Shane Reihill's Dublin-listed investment holding company, TVC Holdings, held its AGM today with shareholders told that its gross portfolio return has reached E10.7 million so far this year.

"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 E1.3 million, which contributed to a gross portfolio return of E10.7 million," said Executive Chairman, Shane Reihill.

"As at 31 March 2012, TVC had net assets of E115.2 million, mainly comprised of cash and Government bonds of E72.6 million, quoted equity investments of E29.9 million and unquoted investments of E12.2 million. Your Company has no debt. TVC's current market capitalisation is approximately E84 million representing a discount of 29pc 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".