has raised the £49.9m (including expenses of £3.2m) it was seeking from the rights issue. However, its joint underwriters, Numis and Goodbody Stockbrokers, have been left with the remaining 22.5m shares for which shareholders did not subscribe.
The rights issue was a key part of the TalkSport owner's effort to reduce its debt and strengthen its balance sheet.
It gave existing shareholders the right to buy two shares at 130p per share for every three shares they held. Shares were trading this morning at 127p.
While the result shows a general lack of investor appetite for media stocks, one investment company has acquired 11% of UTV, which it believes is undervalued by the market.
TVC Holdings is now UTV's largest shareholder. It is quoted on the AIM market of the London stock exchange and the IEX market of the Irish stock exchange. It owns stakes in financial services supplier Norkom Group and the Quality/Comfort Inn hotel chain.
Shane Reihill, executive chairman of TVC Holdings, said: "We believe UTV is a well managed business, which is currently undervalued by the market."
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