TVC Holdings PLC Partial Sale of Stake in UTV Media plc (0414B)
February 27 2014 - 2:01AM
UK Regulatory
TIDMTVCH TIDMUTV
RNS Number : 0414B
TVC Holdings PLC
27 February 2014
TVC Holdings plc
('TVCH' or the 'Company')
TVC Holdings Announces Partial Sale of its Stake in UTV Media
plc;
Recovers Full Cost of Original Investment
TVC Holdings plc, the investment holding company, today
(Thursday, 27 February 2014) announced that it has disposed of 7.6
million shares in UTV Media plc ("UTV") for a total consideration
of EUR22.1 million (GBP18.2 million).
TVC invested EUR27.3 million in 2008 to acquire an 18%
shareholding in UTV. The above share sale, including dividends
received to date, has enabled TVC to recover the full cost of its
entire UTV investment.
Following this sale, TVC still holds 9,640,262 shares in UTV
representing a shareholding of 10.05%. TVC's remaining shareholding
in UTV is valued at EUR29.2 million (GBP24.0 million), based on
UTV's closing share price on 26 February 2014, which, on the above
basis, has a nil residual cost.
Contact information:
TVC Holdings plc
Shane Reihill, Executive Chairman
John Tracey, Chief Executive Officer
Tel: +353-1-205 7700
Davy
John Frain
Tel: + 353-1-679 6363
Murray Consultants
Pauline McAlester
Tel: +353-1-498 0300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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