TVC to delist from Stock Exchange and distribute 90pc of assets to shareholders
ISEQ listed investment company TVC is to delist and distribute the proceeds of more than 90pc of its assets to shareholders.
The company announced this morning that it will return about nine tenths of its capital, or €0.95 per share, by this July. It will delist from both the ESM in Ireland and the AIM in London. All of its staff and directors will be made redundant
Its remaining assets - primarily a holding in CR2 - will be "managed to realise their value over time", said TVC's management. Its chairman is fuel merchant heir Shane Reihill.
The decision to distribute cash to shareholders rather than continue to invest was partly blamed on a lack of solid Irish investment opportunities. It reflects an environment where there's "significant capital seeking a limited number of Irish opportunities" the company said.
It has some €63.7m in cash alone following a series of investment disposals over the last year, including the sale of stakes in UTV and the Dalata Hotel Group.
The group also revealed its annual results for the year to March 2014 this morning, showing a profit before tax of €33.4m in comparison to a €6.6m profit the year before.