Shares in listed investment fund TVC shot up by more than 11pc yesterday after the company said it will hand €50m back to investors through a special dividend.
TVC executive chairman Shane Reihill will be the biggest beneficiary of the windfall.
As a 26.8pc shareholder in TVC, he is in line for a €13m share of the payout.
Other big winners include TVC backers the European Investment Fund (9.5pc stake), Polar Capital (8.1pc), Enterprise Ireland (6.9pc) and AIB (6.2pc), according to data from Bloomberg.
TVC is best known as a shareholder in UTV. It is sitting on the huge cash pile, thanks to the sale of stakes in technology firms Norkom and TAS Group over the past two years.
In addition to the dividend payout, TVC is seeking shareholder support to allow the board to buy back up to 20pc of shares on the market.
No firm commitment has been made to make the purchases, however.
In an announcement to the markets, TVC said that its balance of cash and government bonds climbed by 9.5pc during the year to the end of March, from €72.6m to €79.5m.
The increase was largely down to the realisation of €7.4m in August from the sale of TAS.
Executive chairman Shane Reihill (right) said that with few investment opportunities on the horizon the company was going to distribute the unneeded cash back to its owners.
After the payment of the special dividend, net assets will drop to €72m, made up by a €32m stake in UTV, €29m in cash and three investments in tech ventures.
As a major shareholder with an 18pc stake in UTV, the firm had been represented on the UTV board until last year.
However, when TVC-nominated John McGuckian was removed as the chairman of UTV by directors last year, he and Shane Reihill both resigned as directors of the media company.
Shares were up 11.3pc at 94.5 cent each after the news.