Irish investment company TVC Holdings said net assets fell 19 per cent after it reduced the value of its investments due to “difficult market conditions”.
TVC, which owns an 18 per cent stake in UTV Media, said net assets dropped to €114 million ($144 million) at the end of September from €141 million in March, the Dublin- based company said today in a statement.
The equity value per share sank to €1.01 in September from €1.24. TVC is now the largest shareholder in Belfast-based broadcaster UTV and also has a stake in Irish hotel operator Maldron.
"TVC Holdings is in a strong position to take advantage of any opportunities and make further long-term investments at what we expect to be attractive valuations,'' executive chairman Shane Reihill said.
The company is selling its stake in ChangingWorlds and will have cash and "liquid investments" of about €31 million after the transaction.
Bloomberg