Investment group TVC Holdings is to cancel its listing on the Irish Stock Exchange next month. The company also intends to delist from the London Stock Exchange next month, citing the cost of maintaining both listings and the intention to wind up.
Trading in ordinary shares on the AIM and ESM will cease at the close of business on July 25th.
TVC executive chairman Shane Reihill said the decision to wind up was taken in light of both "the continuing lack of suitable investment opportunities and the current equity funding environment in Ireland".
He reported “a very strong performance at the company, with a profit for the year in excess of €33 million” at yesterday’s agm and egm in Dublin.
Its pre-tax profit rose to €33.4 million from €6.6 million mainly due to the disposal of its Dalata stake and selling part of its stake in UTV and its shareholding in Shenwick Network Systems.
The company plans to return 90 per cent of its balance sheet to shareholders, comprising about €91 million in cash and UTV shares.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)