TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Thursday, 9 May 2013) announces its Preliminary Financial Results for the year ended 31 March 2013.
Key Performance Highlights:
Commenting on the year end Financial Results, TVC Holdings’ Executive Chairman, Shane Reihill, said:
“We are pleased to report another year of strong performance at TVC. Against a backdrop of continued economic uncertainty, for the fourth consecutive year the Company’s NAV per share has grown, driven by the sale of our investment in The TAS Group, realising proceeds of €7.4 million, and unrealised value growth in our investment portfolio. During the year, we evaluated a number of potential new investment opportunities but chose not to complete any new investments.
“Since March 2011, TVC’s cash and government bonds have increased by almost €50 million to €80 million at 31 March 2013 as a result of the sale of Norkom and a number of our unquoted technology investments. In light of the very limited number of investment opportunities during this period and after considering a range of strategic and financial options to enhance shareholder value, the Board has decided, subject to shareholder approval, to return the €50 million of cash generated by TVC to our shareholders.
“On a pro-forma basis, after adjusting for the payment of the proposed special dividend, TVC’s net assets at 31 March 2013 would be €72 million mainly comprised of the investment in UTV valued at €32m; three unquoted investments valued at €11m; and cash of €29m. We believe that our selective investment approach is the correct strategy. TVC will continue to look for value enhancing investments and to manage its existing portfolio in order to maximise value for all our shareholders”.