Rising shares in UTV boost TVC's €8m portfolio return
Investment group TVC said its gross portfolio return hit €8m during the six months to the end of September as its investment in UTV jumped.
TVC, headed by Shane Reihill, is the single largest investor in the stockmarket-listed broadcaster, with a 18pc stake.
Shares in UTV, which has just announced that it will launch a new TV station in Ireland, rose from £1.55 to £1.85 during the reporting period, resulting in an unrealised gain of €6.5m for TVC.
TVC also generated an unrealised gain of €500,000 due to the appreciation of sterling against the euro.
The company’s €38m shareholding in UTV represents 79pc of the value of TVC’s total investment portfolio. When TVC’s cash balance of nearly €30m is taken into account, the UTV stake accounts for 49pc of its investments.
TVC returned €45m to shareholders during the first half of its financial year.
“During the period, we continued to work actively with our core portfolio investments to maximise their value and to evaluate potential new investment opportunities,” said Mr Reihill.