TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Tuesday, 13 November 2012) announces its Interim Financial Results for the 6 months ended 30 September 2012.
Key Performance Highlights:
Commenting on the Interim Results, TVC Holdings’ Executive Chairman, Shane Reihill, said:
“We continue to work actively with our core portfolio investments to maximise their value and this is reflected in another set of strong results for the Company. During the period, this included the sale of our investment in The TAS Group realising proceeds of €7.4 million. We also evaluated a number of potential new investment opportunities but chose not to complete any new investments.
“The Company had net assets of €118 million and no debt at 30 September 2012. TVC’s cash plus its quoted investment in UTV represent 92% of our net asset value at 30 September 2012. Three unquoted investments represent most of the remaining 8% of our net asset value.
“Since March 2011, the Company’s cash and government bonds have increased by €50 million to €80 million at 30 September 2012 arising from the sale of Norkom and our strategy of continuing to realise value from our unquoted technology portfolio. TVC actively considered the limited number of investment opportunities during this period but we decided that it was not in the interests of our shareholders to pursue these investments. We believe that our selective investment approach is the correct strategy and that TVC is in a very strong position to make additional long term investments at what we expect to be attractive valuations and to continue to maximise value for all our shareholders”.