Share Name Share Symbol Market Type Share ISIN Share Description
Volvere Plc LSE:VLE London Ordinary Share GB0032302688 ORD 0.00001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 525.00p 510.00p 540.00p 525.00p 525.00p 525.00p 263.00 07:44:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 27.9 1.3 158.8 3.3 21.82

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Date Time Title Posts
18/1/201712:27VOLVERE : Ј14m m/cap, Ј22m+ cash, Ј30m+ net worth including investments2,215.00
22/5/201209:34WHY VOLVERE WILL TAKE OFF12.00
10/11/200909:54VOLVERE - Ј6.3m m/cap, Ј3.3m cash, core business winning contracts1,526.00
21/12/200617:58Volvere with Charts & News1.00
29/3/200417:50Volver future3.00

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Volvere Daily Update: Volvere Plc is listed in the General Financial sector of the London Stock Exchange with ticker VLE. The last closing price for Volvere was 525p.
Volvere Plc has a 4 week average price of 523.97p and a 12 week average price of 519.56p.
The 1 year high share price is 527.50p while the 1 year low share price is currently 412.50p.
There are currently 4,155,958 shares in issue and the average daily traded volume is 1,523 shares. The market capitalisation of Volvere Plc is £21,818,779.50.
longshanks: I guess they are holding on to cash so as they can move quickly as and when the right deal comes along. The share price has appreciated more or less over time with NAV so even though the price remains at a discount to NAV there doesn't appear to be a huge stock overhang requiring attention.The situation could change if a large holder decides to sell in quantity. Given they don't pay a dividend such an event could find few buyers in the market and result in the company buying back stock.
rivaldo: The November issue of AIM Prospector magazine is just out, and includes this positive summary of VLE (these are also the people behind VLE's recent presentation in London): Http:// "Volvere Volvere is essentially a 2-man (brothers Jonathan and Nick Lander) operation that specialises in turning around either loss-making or marginally profitable companies. The Landers implement their management skill set and sell rehabilitated companies at a profit. Volvere has typically worked on two to three turnarounds at any one time, selling them after three to five years. Since 2002, IRRs of between 40% and 160% have been achieved upon sale of acquired companies. Accumulated cash accounts for nearly 75% of the NAV. Dividend policy is “no dividend” but Volvere does have a history of share buybacks. The company does not feel any pressure to distribute the cash pile because such liquidity is required to maintain Volvere’s standing as a capable acquirer with turnaround project vendors. The operational track record has been rewarded with a share price that has grown at a CAGR of 13% (vs. FTSEAllShare 5.2%) since the 2002 IPO, notwithstanding the intrinsically high-risk policy of taking on such concentrated investments. Can they keep up this amazing track record? The shares are valued in the market like a holding company — which Volvere is not — and provides a comfortable (and potentially very rewarding) entry price for disciples of the Lander brothers."
hpcg: fft - my experience is that the quantity of company promotion and the success of the company are inversely correlated. Many private investors are captivated by frequent news announcements for some reason. If the company is consistently successful then the share price will tick up over time of its own accord.
rivaldo: No need to be so strident fft. They didn't "ignore" shareholders - I've spoken to JL at length a number of times and at length over the years on the telephone. As could you, and anyone else who made the effort. JL simply believes, and has always said the same, that the share price will look after itself if the company performs well. In addition, he is EXTREMELY cautious about revealing info which is not in the public domain. Many companies might take a leaf out of this particular book. I hope JL won't mind me saying - my understanding is that he met the organiser of this presentation at a prior conference/meeting and decided to back him by presenting yesterday. So I don't believe this is the start of a campaign of further such promotions. Shareholders can either go back to sleep, or moan that their directors aren't out there promoting the company in videos/exhibitions etc instead of actually running the business and creating shareholder value as they have to date
rivaldo: More random points.... - acquisitions usually have to be carried out quickly, with due diligence to be carried out in only a couple of weeks - no sector restrictions, preferred revenues of £10m-£100m, though they do like "people" businesses. There are some sectors which are immediately rejected (interestingly he singled out printing. I sold my CMS shares a while ago!) - more buybacks are still possible, though (1) they're more difficult to carry out with new rules apparently, and (2) the only opportunities given limited free float are of course from the likes of Marks & Zimmerman, who are apparently hard bargainers. Although I suspect they're probably regretting their sales at lower prices... - larger acquisitions are certainly possible. However, business sellers are encouraged when they see that VLE have a large cash pile on the Balance Sheet, and VLE also need to keep some cash in case of w/cap needs for newly acquired investees - Shire Foods supply Lidl, Aldi, Iceland etc and have invested significantly in new refrigeration plant. I regret that I forgot to ask afterwards specifically about Shire and Impetus' prospects (though I'm sure I wouldn't have got any joy!). Impetus' client list per the presentation is an awesome list of motor industry blue chips. It's worth noting the track record: - Vectra : cost £2m, £8m sale proceeds plus cash cost received - Sira : cost £1.4m, £9.7m received - IPT : cost £1.4m, £5.35m received - JMP : cost plus loan £1.2m, £8m received Net assets per share have grown 513% from £0.94 to 576p per share, and the share price has risen 415% since IPO.
melf: What do expect??.....NAV goes up - share price goes down!
melf: 983.90 target.......that's more like it :-) The stock of Volvere PLC (LON:VLE) gapped up by GBX 32.05 today and has GBX 983.90 target or 101.00% above today’s GBX 489.50 share price. The 7 months technical chart setup indicates low risk for the GBX 20.00M company. The gap was reported on May, 28 by If the GBX 983.90 price target is reached, the company will be worth GBX 20.20 million more. Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 9.39% or GBX 42 on May 27, hitting GBX 489.5. About 16,888 shares traded hands or 1192.12% up from the average. Volvere PLC (LON:VLE) has risen 26.14% since October 27, 2015 and is uptrending. It has outperformed by 22.62% the S&P500.
rivaldo: Terrific results - even better than we hoped. - 569p NAV per share - around 400p per share in cash - Shire Foods had a record year with £1.57m PBT - Impetus Auto began magnificently, making £0.6m PBT in its first 8 months - and even Sira Defence is starting to take shape nicely, with a £0.12m PBT and revenues growing Given the value in the investees above cost, I'll perhaps work it out later, but the real NAV here now must be at least 800p per share and possibly well above that. There are of course some points to note: - Shire Foods will be less profitable this year, but VLE sound unusually forthright about being able to improve this. They presumably have some contracts nearly in the bag to sound so confident - Part of Impetus is being handed to management as usual, so VLE's ownership % will fall - the directors received around £0.6m bonus on the sale of JMP. Well deserved imo given their achievements to date - cash would have been even higher but for £0.6m of unrealised losses on investments at the year end. Most unusual for VLE, but this can of course reverse just as easily and improve the cash position in 2016 In summary, great stuff. The share price should at minimum now trade at or above the 569p NAV, and given VLE's track record now merits a decent premium above that NAV.
rivaldo: On Monday I attended a presentation by VLE in London organised by Blackthorn Focus through David O'Hara. Once again, cheers David (and also to the Landers for agreeing to it): Http:// This was of course a blue riband event - the first ever such presentation by VLE anywhere, anytime AFAIK.... It took place at one of JMP's offices, and was attended by around a dozen or so interested investors who are part of Blackthorn's investor "circle", 4 or 5 of whom it turned out were already VLE shareholders. IMO the Lander brothers presented extremely well and persuasively. The overall outlook certainly appears to be as positive as most believe it to be on this thread. Of course nothing of a price-sensitive nature was disclosed, but I propose to briefly outline a few points of interest: - VLE pay no tax on disposals of investee companies due to "substantial shareholder exemption" - new opportunities come in every day, so you can tell that the Landers are extremely picky, but it was interesting that they generally have only a maximum 2 weeks for due diligence, which makes their track record even more impressive - VLE have no sector restrictions for investment, though they do like "people" businesses. Their methodology is very positive in that they aim to invest (via software, people, whatever) to turn the business around with the help of existing management if possible, whilst cutting out any dead wood, and of course incentivising them through 20%-25% stakes in the company - potential investees could have revenues of between £10m-£100m - there could be 2 to 3 company acquisitions a year under the existing management team, i.e there's capacity for further imminent acquisitions Shire Foods - cost £0.54m plus w/cap loans of £2m (all now recovered from memory) - their refrigeration systems were upgraded at a £600k cost - Shire own their freehold, against which there are loans - I got a distinct sense of optimism as regards prospects for Shire JMP - 50% of revenue is consulting to local authorities, transport planning etc, and 50% is engineering, design etc - usually has a better H2 than H1 - it was noted that Waterman (WTM) are pretty similar and have just announced excellent results Impetus Auto - perform audit checks for car manufacturers on auto dealers as well as aftersales services, and they provide certain software tools - it's a people business, and as yet there have been no great "surprises" (for which presumably read "nasties"), which is good news - it's already only mildly lossmaking post-acquisition, and again there seemed to be some optimism/cheerfulness here I raised my usual bugbear re lack of promotion of the company and share price, whilst thanking the Landers for this opportunity, but I suspect nothing much will change. Other points were made (again all previously raised at AGMs etc!) as regards potential special dividends, share illiquidity, share buybacks, use of shares for acquisitions if the share price were higher etc.
rivaldo: I posted this yesterday on the Paulypilots Pub board on T.M.F which may have attracted a little attention, It's basically a re-hash of my updated thread header post above. Anyway, for those who can't access it (it was first written when the share price was 290p): Http:// "VLE is a holding company acquisition and turnaround vehicle. The current market cap is £12m at 290p, with 4.15m shares in issue. This compares to £17.6m of net (tangible) assets at 31/12/13, i.e 400p per share at that time (before subsequent share buybacks), including £12.2m of cash, i.e 294p per share. The 2013 prelims have just been released. Add in a realistic valuation for VLE's investments in JMP Consultants, Sira Defence and Shire Foods - all of which could be sold at any time as per prior sales of companies which have been turned around - since their valuation in the accounts is negligible, and one can reach a valuation much in excess of the current m/cap . VLE now comprises: (1) The £17.6m of net assets, i.e 400p per share (2) 100% of Sira Defence (see below) - could be worth £0.3m (see below) (3) 80% of Shire Foods - could be worth £4m (see below) (4) 75% of JMP Consultants (100% acquired May'13, less 25% then issued to management via shares), which has proven an absolute bargain imho. This could be worth say an additional £7.5m (see below). These assets (2)-(4) comprise around another 290p per share of value within the VLE group at the above valuations, giving rise to a total value of around 690p per share. JMP is one of the UK's leading independent transport consultancies. It has 150 professional staff providing services in transport planning and related services. It works from a network of nine offices in locations across the UK: Http:// In the 12 month period ending 31 March 2013, JMP's unaudited revenue was £10 million with an adjusted PBT of £0.06 million. JMP had £0.6m of net assets on acquisition, principally amounts recoverable on client contracts. Yet VLE acquired JMP for just £415,000 in mid-May'13 following working capital financing problems. From acquisition to 31 December 2013 JMP contributed revenues of £7.41 million and underlying PBT of £0.54m. Annualised this works out at almost £12m revenues and £0.9m PBT. Currently JMP could easily be worth another £10m to a larger consultancy company imo given these figures. At 75% ownership this could be worth £7.5m to VLE on a sale. Sira Defence trades at break-even on around £2-300,000 of annualised revenue. As a provider of hardware and software surveillance solutions to the UK Police, judiciary, local councils, gambling industry etc, its solutions - developed in liaison with the Home Office and Met Police - are very slowly gaining traction and usage. Sira Defence should be worth say £0.3m imo. Shire Foods, which manufactures frozen pies, pasties and other pastry products for retailers and food service customers, is now seeing the fruits of its turnaround post-acquisition in July'11 for £0.5m, with £8.53m turnover in 2013 and a small £0.1m PBT, compared to a £0.44m loss in 2012. This could be worth say £5m to a purchaser, i.e £4m to VLE. Web site : Http:// The shares are pretty tightly held, with the directors holding large stakes - major shareholders comprising 76% of the shares in issue are: Andrew Cohen 439,833 10.5% Jonathan Edward Lander • 1,023,677 24.5% Black Rock Growth and Recovery Fund 208,670 5.0% State Street Nominees 282,000 6.7% Nicholas Paul Lander • 548,277 13.1% David Buchler • 129,893 3.1% FG Nominees 182,114 4.4% Michael Marks 180,000 4.3% Stephen Zimmerman 180,000 4.3% • = Director I have held VLE for some time as they have patiently expanded and successfully sold prior investments for (usually) large premiums over the acqusition prices. I await further acquisitions with the cash pile now that both JMP and Shire Foods have been successfully integrated and turned around. This is an investment for those with patience, but having regularly spoken to the directors I know that they've turned down a lot of acquisitions to make the right ones as listed above, and I believe they will eventually ensure the share price will be much higher than it is currently. In the meantime, investors have the comfort of knowing that the Group's cash pile equates almost exactly to the current m/cap. Given the relative tightness of the market in VLE shares I wouldn't say that VLE should be the major part of one's portfolio, but I'm happy to hold a decent stake with the cash/asset backstop and the likelihood of a re-rating as the market cottons on to the value which last week's results have now illustrated."
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