QUOTED INVESTMENT holding company TVC is in a strong position to make new long-term investments but there are no imminent deals in the pipeline, the company’s management said yesterday.

“We believe there are restructuring opportunities in Ireland and the UK where companies with excessive debt need to raise new equity at attractive terms for new investors,” executive chairman Shane Reihill told shareholders at TVC’s annual general meeting in the Merrion Hotel.

However, although the company evaluated a number of opportunities during its last financial year, it did not carry out any new investments. TVC is always on the look-out for opportunities but no deals are imminent, according to management. “There are no points for speed,” said Mr Reihill.

One shareholder praised management for the patience it has shown in choosing not to invest. “You have a very valuable commodity – cash,” he said.

However, the shareholder was less impressed with the company’s exposure to UTV Media. TVC holds an 18 per cent stake in the media company. This investment represents “a huge proportion” of TVC’s total investments excluding cash, said the shareholder. This shows an “incredible degree of confidence in one company”, which perhaps may not be justified, he said.

Mr Reihill said TVC cannot comment on UTV at the moment for commercial reasons.

He said the company was comfortable with the size of its stake in the media company when viewed as a proportion of TVC’s entire balance sheet, rather than just investments. “We don’t think it’s disproportionate,” he said.

When questioned about the company’s dividend policy, Mr Reihill said if the company had a consistent cash flow, it would be more open on this front, “but for the moment we have decided not to pay dividends”.