Irish investment company TVC Holdings, which sold stock for the first time last July, said its equity value has fallen 7.5 per cent since the initial public offering because of a drop in Norkom shares.
Equity value per share of €1.24 at March 31st compared with €1.34 at the time of the IPO and €1.33 in September 2007, Dublin-based TVC said in a statement today.
Excluding the decline at Norkom, shareholders' equity is “substantially unchanged'' from September, it said.
The company reported a pre-tax loss of €18m for the 15 months to the end of March, compared to profits of €31 million the previous year.
TVC, which has mainly invested in technology companies, was part of a group that last year bought 11 Comfort Inn and Quality Hotels in Ireland.
The firm is seeking further investments and said it sees value in small-capitalized businesses in the UK. The company had net assets of €141.4 million at the end of March, including cash of €47.7 million.
“We're looking at investment opportunities in small public companies, as that's the market that's seems to have been marked down the most,'' executive chairman Shane Reihill said in the statement.
“Private companies have not dropped their multiples yet,” he added.
Bloomberg