TVCH Tvc Hldgs

TIDMTVCH

RNS Number : 0096I

TVC Holdings PLC

27 June 2013

27 June 2013

TVC Holdings plc

Annual General Meeting

TVC Holdings plc ('TVC' or the 'Company'), the investment holding company, held its Annual General Meeting in Dublin today (Thursday, 27 June 2013).

Speaking at the meeting, Executive Chairman, Shane Reihill, said:

"We are pleased to report another year of strong performance at the Company, as we continued to work with our core portfolio investments to maximise their value. Against a backdrop of continued economic uncertainty, for the fourth consecutive year the Company's net asset value per share has grown, driven by the sale of our investment in The TAS Group, realising proceeds of EUR7.4 million, and unrealised value growth in our investment portfolio. Your Company has no debt.

"In the last two years, TVC's cash and government bonds have increased by almost EUR50 million to EUR80 million at 31 March 2013 as a result of the sale of Norkom and a number of our unquoted technology investments. During this period, there was a very limited number of investment opportunities and, despite evaluating a number of potential investments, we chose not to complete any new investments. After considering a range of strategic and financial options to enhance shareholder value, the Board has decided, subject to shareholder approval, to return the EUR50 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 EUR72 million mainly comprised of the investment in UTV valued at EUR32 million; three unquoted investments valued at EUR11 million; and cash of EUR29 million.

"We believe that our selective investment approach is the correct strategy. TVC's management has extensive experience of complex restructuring and turnaround transactions and we will continue to look for value enhancing opportunities while managing our existing portfolio of investments. The Company will continue to deliver on its strategy of maximising value for all our shareholders".

Ends.

TVC Holdings plc

Shane Reihill, Executive Chairman

John Tracey, Chief Executive Officer

Tel: +353-1-2057700

Murray Consultants

Pauline McAlester

Tel: +353-1-4980300

Davy

John Frain

Tel: +353-1-6796363

This information is provided by RNS

The company news service from the London Stock Exchange

END

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