Windfall for investment firm shareholder as it plans closure

Executive chairman Shane Reihill stands to make nearly €28m in cash and share entitlements from investment firm TVC Holdings’ decision to effectively wind down its business and return 90% of its net asset value to shareholders.

The company was formed nearly 20 years ago as Trinity Venture Capital. It yesterday announced its intention to return €91m of its €101m assets in cash and UTV Media (TVC’s headline investment) shares to stockholders, and to cancel its Dublin and London share listings. The deal is subject to shareholder approval at an EGM next month.

While TVC has generated serious profit from selling its near 29% stake in the Dalata Hotel group and almost halving its UTV holding, its overall aim of amassing a select number of investments in quoted businesses has come to nothing.