TVC to hand €50m back to shareholders
Shares in investment fund TVC surged 11.5pc after the company said its handing €50m back to investors.
Dublin listed TVC is best known as a shareholder in UTV.
It is sitting on a huge cash pile thanks to the sale of technology firms Norkom and some smaller tech investments.
Chief executive Shane Reihill said that with few investment opportunities on the horizon the company is going to distribute the unneeded cash back to its owners.
"Since March 2011, TVC's cash and government bonds have increased by almost €50m to €80m at 31 March 2013 as a result of the sale of Norkom and a number of our unquoted technology investments," he said.
"In light of the very limited number of investment opportunities during this period and after considering a range of strategic and financial options to enhance shareholder value, the Board has decided, subject to shareholder approval, to return the €50m of cash generated by TVC to our shareholders.
Shares were up 11.5pc at 94.7 cent each after the news.