TVC Holdings buy into UTV
The AIM-listed investor continues on its strategy of new investments
TVC Holdings has bought a stake worth over £15m in the Northern Irish broadcaster UTV, becoming the company’s biggest shareholder.
The deal is TVC Holdings’ second deal since it listed on AIM and on IEX, the Irish stock exchange last year.
Shane Reihill, executive chairman of TVC Holdings, said: “We believe UTV is a well managed business, which is currently undervalued by the market.
“We believe that, following UTV’s recent rights issue and associated re-financing of its balance sheet, the Company is in a strong position to deliver upon its strategy and maximise value for all its shareholders.”
The company says the deal is in accordance with its strategy of acquiring significant stakes in companies across a range of sectors, principally in the UK and Ireland.
Other investments include the Norkom Group and the Comfort Inn hotel chain.
© Crimson Business Ltd. 2008