DUBLIN-BASED INVESTMENT group TVC Holdings has reduced the value of its investment portfolio by €28 million to reflect a recent decline in value of its holdings in quoted and unquoted assets.

This emerged yesterday from the publication of results for the six months to the end of September. These showed that TVC had €28.9 million in cash at the end of the period and no debt.

Its investments in two quoted companies were worth a combined €39 million, while the value of its stakes in 11 unquoted businesses was €24 million.

This gave it a book value of €92.1 million on November 11th, while its market value on that date was €53.6 million. This indicates that TVC is trading at a 42 per cent discount to its book value.

TVC, which floated on the junior markets in Dublin and London in mid-2007, is the largest shareholder in Belfast media group UTV and Irish financial software company Norkom. It holds stakes in a number of software companies and has backed Maldron Hotels, a chain of three-star properties run by former Jurys Doyle chief executive Pat McCann.

Executive chairman Shane Reihill said TVC would sell down its investments in the software companies and remained interested in adding to its portfolio of plc assets.

“Our intention has always been to invest in about four to five publicly quoted businesses and we’ll be looking at some opportunities.”

Mr Reihill said he was satisfied its investments in UTV and Norkom were correct in spite of a sharp fall in the value of each.

TVC this month got $20.1 million (€16.1 million) from the sale of its stake in ChangingWorlds to a subsidiary of Amdocs. On Tuesday, it spent €2.7 million increasing its stake in UTV to 18 per cent.

TVC’s share price shed 3.6 per cent in Dublin yesterday to close at 54 cent. It has lost about 65 per cent of its value since its IPO.