AIB and BOL reduce TVC stakes

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AIM-listed private equity fund TVC Holdings has reportedly seen two of its institutional investors, Allied Irish Bank and Bank of Ireland, reduce their shareholdings in the vehicle after the recent release of the company's financial results.

Allied Irish sold 800,000 of its shares to reduce its stake to 14.6%, while Bank of Ireland sold one million shares, or one fifth of its holding, and retains a 4.79% stake. Meanwhile Shane Reihill, executive chairman of TVC, increased his stake to 19.2% after purchasing one million shares for approximately EUR500,000.

But despite Reihill's renewed confidence, Dublin-based TVC posted pre-tax losses of EUR66.18m for the year ending March 2009, compared to a loss of EUR18m the previous year. It is said that much of the company's loss is due to write-downs on its investments. TVC began as a diversified investment vehicle and was later floated on the market to provide investors with access to its portfolio of private investments.

TVC's two largest shareholdings are in publicly listed companies UTV and Norkom. Its four largest unquoted investments, CR2, Maldron Hotels, Shenick and TAS Group, represent EUR14.5m of its investment portfolio. At the end of March, TVC's net assets stood at EUR75.6m. In week ending 19 June, its market capitalisation was at just EUR58.6m.