STOCK MARKET growth boosted the value of investment holding company TVC’s publicly quoted assets in the first half of its financial year.
The company said yesterday that the value of investments grew €22 million over the six months ended on September 30th, reflecting the rally in stock markets over recent months.
This increase meant that the TVC’s equity value per share grew 28 per cent to 87 cent at the end of September from 68 cent six months previously.
Based on the company’s own September 30th share price of 60 cent, it was trading at a discount of 31 per cent.
The company said yesterday that stripping out its cash and liquid investments, this discount increased to 46 per cent.
TVC’s portfolio includes quoted and unquoted companies, along with cash and shares.
The largest element is a 27 per cent stake in banking security software specialist Norkom, followed by an 18 per cent holding in broadcaster UTV and a series of interests in private companies.
TVC said yesterday that in the six months ended September 30th, its Norkom and UTV stakes increased their value by €24 million.
Norkom’s price increased to €1.25 from 57.3 cent during the period, resulting in a gain of €16.4 million for the period.
UTV’s share price increased from 60 pence sterling to 99.25 pence over the same period, generating a gain of €7.7 million.
At the same time, TVC wrote down the value of its non-quoted investments by €2 million, resulting in an overall net gain of €22.1 million.
Executive chairman Shane Reihill said yesterday that the unquoted investments were valued “prudently”. All the gains were unrealised.
TVC’s total book value, including quoted investments, cash and unquoted holdings, came to €87.5 million on September 30th, while its market capitalisation was €60.7 million.
The company’s unquoted investments include the Maldron Hotels group, telecoms test equipment manufacturer Shenick, banking systems software developer CR2, and salesforce tracking software producer Tas Group.
