REG-TVC Holdings PLC AGM Statement

Released: 09/07/2009

com:20090709:RnsI3956V
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RNS Number : 3956V  
  
TVC Holdings PLC  
  
09 July 2009  
  
TVC HOLDINGS PLC  
  
ANNUAL GENERAL MEETING  
  
Thursday, 9th July 2009  
  
TVC Holdings plc, a leading investment holding company, held its Annual General 
Meeting in Dublin today (Thursday, 9th July 2009).    
  
Speaking at the meeting, Executive Chairman, Shane Reihill, said:  
  
"Results for the Company announced last month highlighted the strength of TVC's 
position. Today, TVC has a pro-forma book value of E78.7m comprising net cash of 
E30.1m, no debt, E32.5m* representing the value of our two quoted investments, 
who continue to perform strongly, and E16.1m representing the value of our 
unquoted investments and net working capital.  Despite the prudent valuation of 
our investment portfolio, which reflects current market conditions, TVC's market 
capitalisation of E51.6m* represents a discount of 34% to our book valuation and 
a discount of 56% excluding cash. This demonstrates the significant returns to 
be realised in our portfolio, particularly when markets recover.  
  
"During the year, TVC successfully sold ChangingWorlds (representing a 3.7 times 
return on the original cost) and made a strategic investment in UTV Media plc, 
further diversifying TVC's portfolio of investments. TVC has continued to work 
actively with our core portfolio companies to maximise their value and we will 
maintain our strategy to build and realise further value in our investment 
portfolio and to grow our portfolio with a limited number of new investments.  
  
"We believe that TVC is in a strong position to take advantage of anticipated 
opportunities to make further long term investments at what we expect to be 
attractive valuations, adding real value to our investment portfolio.  Given our 
significant cash balance and zero debt position, strong portfolio companies and 
our investment team, the Company is in a very strong position to deliver its 
strategy and maximise value for all our shareholders".  
  
*Based on closing bid price on 7th July 2009  
  
Ends.       Thursday, 9th July 2009  
  
For reference:  
  
TVC Holdings plcShane Reihill, Executive ChairmanJohn Tracey, Chief Executive 
Officer  
  
Tel: +353-1-2057700  
  
Murray ConsultantsPauline McAlesterTel: +353-1-4980300  
  
DavyJohn FrainTel: +353-1-6796363  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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