TVC HOLDINGS executive chairman Shane Reihill said he expects corporate activity to increase in the next 12 months, after a “broken” market prevented the investment holding company from acquiring new interests over the past year.

As a result of the sale of its stakes in Norkom and APT, the company is cash-rich, with net assets of €106 million including cash and German government bonds of more than €72 million.

Speaking after the company’s annual general meeting in Dublin yesterday, Mr Reihill said the company was keeping an open mind on two or three “substantial transactions” it had examined in recent months, but that the market was characterised by a lack of sellers. More opportunities will arise in the near future, however.

“As many companies experience difficult trading conditions and come under increasing pressure to raise equity from new investors, we expect the number of restructuring opportunities in Ireland and the UK to increase over the next 12 months, particularly as banks focus on resolving problems within their corporate portfolios,” he said.

The market capitalisation of TVC, which counts UTV Media and Maldron Hotels among its investments, is about €79 million, representing a discount of 26 per cent to its book valuation.

“We would be disappointed with how the stock market values our shares, but it is more a liquidity issue,” Mr Reihill said.

Any new investments by the company may not be in media, banking or technology, the three sectors where most of its interests currently lie.

Mr Reihill said it was “difficult to be optimistic” about the economy.

“The macro picture is clearly disturbing,” he said.

Speaking in relation to Maldron, the largest hotel operator in Ireland, he said the company had been affected by “timing” issues in the subdued hotel sector.

“Again, it’s very hard to be optimistic that anything will change fast in the hotels sector.”