TVC to distribute €91million to shareholders
Following strategic review investment group will distribute 90 per cent of its assets
TVC Holdings made profits of some €13.4 million on the flotation earlier this year of the Dalata Hotel Group.
Investment holdings group TVC saw its pre-tax profits rise to €33.4 million in the year to March 31st 2014, as it benefited from the disposal of its shareholding in Dalata Hotel Group, amongst others.
Following a strategic review, the company is now set to distribution €91 million,or € 0.95 per ordinary share to shareholders in July 2014 in cash and UTV shares. This represents 90 per cent of TVC‘s net assets based on valuations at March 31st 2014. The company will also de-list from the junior markets of both Dublin and London stock exchanges by July.
TVC Holdings’ executive chairman, Shane Reihill said: “Having completed a detailed review of TVC’s strategic options, in the light of both the continuing lack of suitable investment opportunities and the current equity funding environment, the board of TVC proposes to make a large capital distribution to shareholders and, over a number of years, to carry out an orderly realisation of TVC’s remaining assets to maximise value. We believe that this strategy is in the best interests of all our shareholders.”
Following the flotation of hotel group Dalata in March 2014, TVC disposed of its shareholding for €30.4 million, making a profit of €13.4 million on the deal.
Also during the year, TVC disposed of 7.6 million shares in UTV Media for € 22.1 million realising a profit on disposal of € 8.2 million. TVC’s rem,aining 10.05 per cent shareholding of 9,640,262 shares in UTV was valued at € 27.5 million at March 31st 2014.