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17 Jul 2008 08:20
IMMEDIATE RELEASE
TVC Holdings increases its shareholding in UTV Media plc to 15%
TVC Holdings plc, a leading publicly quoted investment holding company, today (Thursday, 17 July 2008) announced that it has acquired an additional 4% shareholding in UTV Media plc ("UTV"), a leading radio and TV business. This additional investment brings TVC's aggregate shareholding to 15%, for a total consideration of £19.5m (€24.8m). This investment follows TVC's announcement on Tuesday 15 July 2008 that it had acquired a shareholding of 11% in UTV, becoming the largest single shareholder in UTV.
This investment reflects TVC Holdings' stated investment strategy of acquiring significant stakes in both public and private companies across a range of sectors, principally in the UK and Ireland. TVC's existing portfolio includes the publicly quoted company, Norkom Group plc, and the Quality/Comfort Inn hotel chain, led by Pat McCann, ex CEO of Jurys Doyle Group plc. The UTV investment represents 20% of the TVC Holdings' net assets after minority interests as at 31 March 2008.
Ends. Thursday, 17 July 2008
For reference: Pauline McAlester
Murray Consultants
Tel: +353-1-498 0300
Davy
John Frain
Tel: +353-1-6796363
For the latest annual report of TVC Holdings plc and other investor information please consult the Company's website: www.tvc.com
Notes to editors
UTV's business includes radio, television and new media assets in Great Britain and Ireland. The Group is listed on the Official List of both the London Stock Exchange and the Irish Stock Exchange. UTV's multimedia assets include UTV Limited, the Channel 3 licence holder for Northern Ireland, 24 local radio stations (including FM104 in Ireland), talkSPORT, the national radio sports station in Great Britain, and UTV internet.
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