TVC Announces Partial Sale of its Stake in UTV Media plc; Recovers Full Cost of Original Investment
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TVC Holdings plc
('TVCH' or the 'Company')
TVC Holdings Announces Partial Sale of its Stake in UTV Media plc;
Recovers Full Cost of Original Investment
TVC Holdings plc, the investment holding company, today (Thursday, 27 February 2014) announced that it has disposed of 7.6 million shares in UTV Media plc (“UTV”) for a total consideration of €22.1 million (£18.2 million).
TVCH invested €27.3 million in 2008 to acquire an 18% shareholding in UTV. The above share sale, including dividends received to date, has enabled TVC to recover the full cost of its entire UTV investment.
Following this sale, TVC still holds 9,640,262 shares in UTV representing a shareholding of 10.05%. TVC’s remaining shareholding in UTV is valued at €29.2 million (£24.0 million), based on UTV’s closing share price on 26 February 2014, which, on the above basis, has a nil residual cost.
Contact information:
TVC Holdings plc
Shane Reihill, Executive Chairman
John Tracey, Chief Executive Officer
Tel: +353-1-205 7700
Davy
John Frain
Tel: + 353-1-679 6363
Murray Consultants
Pauline McAlester
Tel: +353-1-498 0300
For more info download the PDF here
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