RNS - NICE - wow divi!9 May 2013 08:12
NAV of 1.21 euros or more than a quid. IE undervalued. DIVI of 50%???
Key Performance Highlights:
Ø Gross portfolio return of €9.3 million (22% of opening portfolio value) in the year to 31 March 2013 driven by a realised gain on disposal of an investment and an increase in value of the remaining investment portfolio.
Ø Profit before tax for the year of €6.6 million.
Ø 6% increase in net asset value (NAV) per share from €1.14 at 31 March 2012 to €1.21 at 31 March 2013 contributing to compound annual growth in NAV per share of 15.5% in the four years to 31 March 2013.
Ø Cash and government bonds increased by 9.5% during the year from €72.6 million to €79.5 million at 31 March 2013. TVC has no debt.
Ø Sale of investment in The TAS Group in August 2012. TVC received cash proceeds of US$9.2 million (€7.4 million) and realised a gain on the sale of this investment of €3.9 million in the year ended 31 March 2013. The sale proceeds represented a return of 2.1 times the valuation of its investment at 31 March 2012.
Ø Operating expenses, excluding a charge of €0.67 million for restructuring costs, decreased by over 15% to €2.06 million (2012: €2.44 million).
Ø Proposed special dividend of 49.5 cent per ordinary share to return €50 million of surplus capital to shareholders. In addition, shareholder consent to be sought to provide for the flexibility to implement on-market share buy backs up to a maximum of 20 per cent of the issued share capital of the Company.