Investment holding company TVC is in 'a prime position' to consider new investments at attractive valuations, its executive chairman has said.
Speaking at TVC's AGM today, Shane Reihill, TVC executive chairman, said: 'As many companies experience difficult trading conditions and come under increasing pressure to raise equity from new investors, we expect the number of restructuring opportunities in Ireland and the UK to increase over the next 12 months, particularly as banks focus on resolving problems within their corporate portfolios.
'We therefore believe the strength of TVC's balance sheet, plus the extensive experience of management, puts TVC in a prime position to consider new investments at what we expect will be attractive valuations, adding further value to our investment portfolio and maximising value for our shareholders.'
TVC made a profit before tax attributable to equity shareholders of €11.6m in the year ended 31 March of this year, according to figures released in May.
The company had net assets at of €106.0m on 31 March, comprised of cash at bank and government bonds of €72.0m, quoted equity investments of €24.8m and unquoted investments of €9.2m.
TVC has no debt.
