TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Tuesday, 15 May 2012) announces its Preliminary Financial Results for the year ended 31 March 2012.
Key Performance Highlights:
Commenting on the year end Financial Results, TVC Holdings’ Executive Chairman, Shane Reihill, said:
“We are pleased with our performance for the year during which we have continued to work actively with our portfolio investments to maximise their value. This included the sale of our investment in OpSource, Inc. realising proceeds of €1.3 million, which contributed to a gross portfolio return of €10.7 million. We also evaluated a number of new investment opportunities during the year but we did not complete any new investments.
“The Company had net assets of €115 million and no debt at 31 March 2012. TVC’s cash plus its quoted investment in UTV represent 89% of our net asset value at 31 March 2012. Four unquoted investments represent most of the remaining 11% of our net asset value.
“We believe that there are restructuring opportunities in Ireland and the UK where trading companies with excessive debt need to raise new equity at attractive terms for new investors. TVC’s management has extensive experience of complex restructuring and turnaround transactions and is well placed to capitalise on this environment.
“With cash and government bonds increased to €72.6 million, we believe that TVC 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. We also believe that, given our significant cash balance and with no debt, the Company is in a very strong position to continue to deliver on its strategy and maximise value for all our shareholders”.