21/07/2008
UTV's Biggest Shareholder Backs "Well-Managed Business"
A top venture capital company has increased its stake in NI's local station, UTV Media.
TVC Holdings has bought another 4% of the broadcaster, just days after making its first significant stake.
This additional investment in mid July brings TVC's stake in the Belfast-based media group to 15%, cementing its place as the biggest single shareholder.
The Dublin-based investment vehicle has now paid £19.5m for its share of UTV.
The company said the further investment reflected its strategy of "buying significant stakes in public and private companies, mainly in the UK and Ireland".
The announcement follows an earlier disclosure that TVC Holdings had bought an 11% share in UTV for £14.9m, making it the group's largest shareholder. The investment represents 20% of TVC Holdings' net assets.
TVC Executive Chairman Shane Reihill 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 refinancing of its balance sheet, the company is in a strong position to deliver on its strategy and maximise value for all its shareholders."
UTV runs the ITV franchise for Northern Ireland. Its multimedia assets include 24 local radio stations, talkSPORT, the national radio sports station in the UK and UTV internet.
(BMcC)
TVC Holdings has bought another 4% of the broadcaster, just days after making its first significant stake.
This additional investment in mid July brings TVC's stake in the Belfast-based media group to 15%, cementing its place as the biggest single shareholder.
The Dublin-based investment vehicle has now paid £19.5m for its share of UTV.
The company said the further investment reflected its strategy of "buying significant stakes in public and private companies, mainly in the UK and Ireland".
The announcement follows an earlier disclosure that TVC Holdings had bought an 11% share in UTV for £14.9m, making it the group's largest shareholder. The investment represents 20% of TVC Holdings' net assets.
TVC Executive Chairman Shane Reihill 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 refinancing of its balance sheet, the company is in a strong position to deliver on its strategy and maximise value for all its shareholders."
UTV runs the ITV franchise for Northern Ireland. Its multimedia assets include 24 local radio stations, talkSPORT, the national radio sports station in the UK and UTV internet.
(BMcC)
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