TVC Holdings increases its shareholding in UTV Media plc to 15%

TVC Holdings plc, a leading publicly quoted investment holding company, today (Thursday, 17 July 2008) announced that it has acquired an additional 4% shareholding in UTV Media plc (“UTV”), a leading radio and TV business. This additional investment brings TVC’s aggregate shareholding to 15%, for a total consideration of £19.5m (€24.8m). This investment follows TVC’s announcement on Tuesday 15 July 2008 that it had acquired a shareholding of 11% in UTV, becoming the largest single shareholder in UTV.

This investment reflects TVC Holdings’ stated investment strategy of acquiring significant stakes in both public and private companies across a range of sectors, principally in the UK and Ireland. TVC’s existing portfolio includes the publicly quoted company, Norkom Group plc, and the Quality/Comfort Inn hotel chain, led by Pat McCann, ex CEO of Jurys Doyle Group plc.  The UTV investment represents 20% of the TVC Holdings’ net assets after minority interests as at 31 March 2008.