TVC Holdings 'won't shy away' from Irish deals
The executive chairman of investment group TVC Holdings, Shane Reihill, said the company "won't shy away" from doing deals in Ireland despite the current state of the market.
But Mr Reihill, who owns around 22pc of the company, said that while TVC wants to invest a "material amount" of its €73m cash pile in two or three deals, there has been a continuing dearth of opportunities. He was speaking as the company released interim results yesterday.
TVC's main investment is an 18pc stake in UTV. It comprises 66pc of TVC's investment portfolio when its cash balance is excluded. Earlier this year TVC received cash proceeds of almost €42m from the sale of its stake in Dublin-based financial software firm Norkom, which was sold to BAE Systems for a total of €213m.
TVC, which reported a pre-tax profit of €3.8m for the six months to the end of September compared with a €10.4m loss in the corresponding period in 2010, owns stakes in a number of small unquoted companies, including Maldron, the hotel operator that manages a number of properties in Ireland and one in Cardiff. TVC has already effectively written off its entire holding in Maldron.
However, Mr Reihill said yesterday that all of its investment companies are now operating profitably and generating cash.