Monday September 17, 07:03 AM
TVC Holdings PLC - Disposal
RNS Number:9270D
TVC Holdings PLC
17 September 2007
TVC HOLDINGS SELLS INTEREST IN HAVOK
TVC Holdings (Dublin: T1VC.IR - news) plc, a publicly quoted investment holding company, today (17
September 2007) announced that it has agreed to sell its interest in Telekinesys
Research Limited (trading as 'Havok') as part of the sale of Havok to Intel (NASDAQ: INTC - news)
Corporation (INTC). Intel has signed a definitive agreement to acquire the
entire share capital of Havok in a cash transaction valued at approximately
US$110 million, subject to certain completion conditions. It is expected that
the deal will close within 5 days.
Havok provides middleware and interactive animation software and services for
digital media creators in the games and movie industries, and is the market
leader in the field of in-game physics.
This is TVC Holdings' first realisation following its successful Euro 50
million placing and listing on the AIM market of the London Stock Exchange (LSE: LSE.L - news) and
the IEX market of the Irish Stock Exchange in July 2007. Under the terms of the
deal, TVC Holdings will receive a total cash consideration of approximately
US$21m, US$17m which will be paid on completion of the deal, plus an additional
US$4m, which is subject to an escrow and payable over the next 12 to 18 months.
The total consideration payable to TVC Holdings represents a return of over
twice the valuation of its investment at 31 May 2007, the valuation date
included in TVC Holdings' July 2007 Admission Document. The proceeds generated
by this deal will be used to pursue TVC Holdings' investment strategy in its
existing portfolio of companies and fund new investment opportunities across a
range of business sectors.
Speaking today on the sale of its interest in Havok, Shane Reihill, Executive
Chairman of TVC Holdings, said:
'We are pleased to announce this deal, which is a successful exit at a fair
price. The sale demonstrates TVC Holdings' proven ability to deliver
successful exits on our existing portfolio of investments.'
TVC Holdings plc is listed on the AIM market of the London Stock Exchange and
the IEX market of the Irish Stock Exchange. TVC Holdings' objective is to
achieve capital appreciation through both working actively with its existing
portfolio of investments and identifying new investment opportunities in a range
of business sectors, principally in Ireland and the UK.
TVC Holdings has extensive investment experience and a proven track record in
generating investment opportunities. Current investments include Norkom Group (Dublin: N50K.IR - news)
Plc, AePONA, ChangingWorlds, CR2, Quality/Comfort Inn Hotels and The TAS Group.
Enquiries:
TVC Holdings
John Tracey Tel: +353-1-2057700
Gavin Bourk Tel: +353-1-2057700
Murray Consultants
Pauline McAlester Tel: +353-1-4980300
Davy
John Frain Tel: +353-1-6796363
Iain Gallagher Tel: +353-1-6796363
This information is provided by RNS
The company news service from the London Stock Exchange
END
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