Strategy

TVC Holdings plc ("TVC") is a publicly quoted investment holding company with its shares trading on the AIM market of the London Stock Exchange and the ESM market of the Irish Stock Exchange. As of 30 September 2011, TVC's cash plus its quoted investments in UTV represented 88% of the Company's net asset value.  Four unquoted investments represented most of the remaining 12% of net asset value at that date.

TVC’s strategy is, in the medium term, to have a core portfolio of four to five platform investments in quoted and unquoted companies across a number of business sectors, and to continue to realise significant value from the other companies in its portfolio.  Our objective is to achieve capital appreciation through working actively with our current portfolio of investments in order to maximise their value and through identifying a small number of new investment opportunities.  With cash and government bonds of €73 million and no debt in the Company, the Directors believe that the Company is in a strong position to make additional long term investments at what they expect to be attractive valuations, adding further value to their investment portfolio.  TVC has extensive investment experience, including complex turnaround transactions, and the Company will leverage the proven strengths of its investment team to maintain its focus on capital appreciation.

The Directors believe that there will be significant restructuring opportunities in Ireland and the UK where trading companies with excessive debt will need to raise new equity at attractive prices for new investors.  TVC expects to focus primarily on companies which can become consolidators in their sectors, have experienced management teams and significant growth potential.  The number of restructuring opportunities is expected to increase over the next 12 months as banks focus on problems within their corporate portfolios.

Other characteristics which the Directors expect to place emphasis on in making investment decisions are the existence of sustainable competitive advantage and an international business focus. They also expect to leverage the team's investment expertise by leading investment syndicates in larger transactions.

The Directors expect that most of TVC’s unquoted technology investments will be sold, over time, to generate additional cash for TVC.