TVC Holdings, the quoted backer of software developer Norkom and Quality Hotels Ireland, said yesterday that its investments were worth €100.7 million at the end of September. Barry O'Halloranreports.
Publishing its first set of interim results since its July flotation, the investment vehicle led by venture capitalist Shane Reihill and chief executive John Tracey said that its total investments and cash were €152.78 million at the end of September.
The company said that since it was originally valued ahead of its flotation, it had made a net gain of €300,000 on its investments.
This figure includes unrealised loss of €5.7 million against its holding in listed software developer Norkom, which reflected a fall in the company's share price to €1.77 from €2.015; a further €3.4 million provision against its unquoted investments; and a €9.4 million gain from the sale of its share in hi-tech company Havok to Intel.
The group's investments were valued at €100.7 million, while it had cash of €52 million, largely a result of the €50 million it raised when it floated on the Dublin and London markets last July.
Mr Reihill said yesterday that its cash balances could be augmented by up to €30 million in borrowings, giving the investment holding company a potential war chest of €80 million to make further acquisitions.
In August, TVC paid €10 million to buy a 29 per cent stake in a new company established to operate 11 Comfort and Quality-branded hotels in Ireland.
The hotel investment represents 7 per cent of its entire portfolio, and is its second-largest component.
The biggest is quoted anti-financial fraud software developer Norkom, which amounts to 26 per cent. TVC holds 27 per cent of the company.
At a press conference yesterday, TVC said that based on its Wednesday-night closing price of 90 cent a share, market capitalisation stood at €91 million.
Last night's closing price of €1.11 brought this figure close to €112 million.
Its holding in Norkom was valued at €30 million yesterday, based on Wednesday's close of €1.50. However, Norkom went to €1.61 yesterday, adding more than €2 million to this figure.
