Volvere Share Discussion Threads

[rivaldo] 27/10/2017 12:14

What on earth? :o))

Down 35p on just 2,600 shares sold, all at 11.59 onwards. I'm guessing Simon Thompson has said take profits? Bizarre that these PIs (they must be PIs) are willing to sell for a lot less than the 835p the company was willing to pay for their shares only two weeks ago!

Crazy. I may have to pick some more up myself at this rate.

[melf] 26/10/2017 13:48

They acquired Shire over 6 years ago - well over the 3-5 year timeframe they normally set. I assume they're waiting for an offer they deem suitable. I wonder if, indeed, they've turned down many offers on this one.

[spob] 15/10/2017 16:39

personally i would much rather those treasury shares cancelled

the sooner the better

[rhomboid] 13/10/2017 18:20

Volvere Central Services, unpaid but obv tax advantages

[rp19] 13/10/2017 17:08

It says Andrew Cohen is a Director of a subsidiary of the company - anyone know which subsidiary?

[rivaldo] 13/10/2017 16:48

For a future acquisition VLE could re-issue the treasury shares to the management of an acquired company, or use them to satisfy the exercise of share options instead of having to issue fresh shares (although at present there's barely any options in existence from memory). There's no need to necessarily cancel them if they have good uses, though perhaps this buyback might prompt them to do so.

[spob] 13/10/2017 16:20

too many treasury shares

when will they be cancelled ?

[rivaldo] 13/10/2017 14:55

RNS - the buyback was taken up in full. However, all but 18,000 of the shares were sold by Andrew Cohen (who's retained almost half his prior holding) and the Landers.

Not many other sellers out there then.....

[hpcg] 12/10/2017 22:30

:)) I thought you were our resident billionaire rhomboid!

[rhomboid] 12/10/2017 14:52

I too attended..and no it wasn’t me that asked about dividends 🙂

I’m in the can’t envisage selling camp , and may well be be adding as & when stock is around

One interesting point was JL mentioned that having a big lump of cash on show in the accounts definitely helped with the number of deals they were offered , he also said their speed of execution was a key source of competitive advantage as so many deals were prepacks or the vendor having a sudden unforeseen urgent need for cash...eg to plug a pension funding gap.

I’d have happily spent another 30m (edited to add that’s half an hour not £)on Volvere but sadly time ran out ..and so had I to

[rivaldo] 12/10/2017 14:21

Cheers simso and EM, it all sounds extremely positive. Simso, hope you don't mind if I copy your summary elsewhere.

The buyback RNS presumably later today or tomorrow will be interesting re take-up. Unless there are one or two large holders who wish to take advantage of the temporary illiquidity, I'd be surprised if there's much take-up.

I'm with everyone else above in being happy to hold for some time to come. There seems to be huge potential upside from Impetus, and there's also the possibility of another acquisition at any time given that Shire runs itself as noted above and Impetus has turned around so successfully.

[eezymunny] 12/10/2017 13:33

I went too.

Agree with comments about JL. Comes across as very astute and, most importantly for me, risk averse, so I guess they'll patiently continue sniffing out these fantastic low risk/big reward turnarounds, hopefully for years to come.

For such an illiquid share I hold what should be an uncomfortable number, but everything I heard will encourage me to hold pretty tightly. There might be some bumps in the road but the chances of something really bad happening here seems as low as pretty much any UK listed company IMO.

A few questions from PI's about dividends. Really, there are so many truly dim PI's. Who needs divis when the share price is up 750% since float?! Durrrrr!

[xajorkith] 12/10/2017 13:32

Excellent post simso, thanks for taking the time.

LTBH for me too.

[simso] 12/10/2017 12:26

I went along last night, and saw Jonathan Lander present for 40 minutes, as part of a 2.5 hour session with a top City Lawyer and Creightons also presenting. A large audience for an event like this...perhaps 40 Investors and it was standing room only for those that were late...and not enough Pizza ordered to satisfy them when the food arrived at the end!

In simple terms there were three parts to the presentation: the first part being about the principle of Turnaround Investing and what to look for using an example of Comet in 2011 (not one that we did, of course, but illustrated the point that what appeared like a load of old loss making assets and rubbish to the untrained eye was actually a sweet deal.
The second part reviewed the history of VLE since 2002. Reminded us that every deal done since then has been successful, and that the share price is now 850% higher than at the IPO. Typical Investment period 3-5 years.
Final part was about the current business, and clear that Shire runs itself, Sira is tiny, and JL spends significant time at Impetus.
Clearly JL could not give any new information away which was not in the public domain. He was a very confident and charismatic presenter. They are constantly reviewing opportunities, but clearly JL is not going to take any undue risks with a large purchase which could undo all the work of the last 15 years in building this up. I think dividends would be considered at the appropriate time after the year end, but more on the basis of it being a proportion of that year's post tax earnings...rather than a big Special, using some of the Cash Pile. I for one agree with that, as the Tax ramifications could eat into that lovely SOTP valution excess over current price.
I am more convinced than ever that this is a LTBH for me, and one to buy more on any dips where the gap between SOTP and market price widens beyond its already large gap. I love the fundamentals, think Impetus will continue to grow and develop at pace, and when you meet him, JL is hugely impressive.

[russman] 12/10/2017 10:03

It has been a while since their last buyback.
Never used to give any notice but 1 day is not exactly long.
Be interesting to see if any connected persons cash up.

[melf] 11/10/2017 13:20

Agreed hpcg.....they're not having any of mine. I have a med/long term target of £20 here.

[hpcg] 11/10/2017 13:12

I much prefer the buyback in this case. With the shares way below any sensible NAV holders benefit more than sellers, but sellers get cash. In a conventional corporate buyback sellers get the cash and holders get a lower share price once the buyback support has completed. The latter could happen here, but my share of the assets has increased.

[rivaldo] 11/10/2017 12:13

Simso, I had booked to go tonight, but childcare duties have got in the way and I'm going to have to forget it. You are now the official thread representative, so I'm expecting a thorough questioning and full report back :o))

Certainly plenty to discuss after this RNS, but please ask about the inference of further contracts for Impetus and whether conditions for Shire have stabilised (though I doubt you'll get much response!).

[greenroom78] 11/10/2017 12:02

Agreed, would've preferred a special dividend but will shake out the weak holders and tighten the liquidity further.

[simso] 11/10/2017 11:15

The timing is interesting, given the rare public outing by Jonathan tonight. Look forward to meeting you there, Rivaldo, if you are still coming?
It is right they are doing this, given the huge cash pile...which one could easily see growing by £3.4m+ This year if our impetus projections are correct! The Landers selling some to maintain their 39% makes this transaction a little like a Dividend in a different route...but at a much more tax efficient way, given CGT is 20% but suspect their marginal rate of tax on a divi would be double that. Canny boys, proving it yet again! I could well believe this could become an annual event, and will certainly be applauding JL for it tonight. A tax efficient way of distributing the excess cash flow generated each year. I am holding and selling none here. Really happy with this announcement!

[xajorkith] 11/10/2017 11:14

Personally I prefer a special dividend to share buybacks, but a clear show of strength nethertheless.

Opportunity for large holders to offload a few I suppose, but won't be getting mine.

See this much higher down the road.

[glawsiain] 11/10/2017 11:11

duh. Thanks for putting me straight

[melf] 11/10/2017 11:06

Don't think works like that because the cash balance decreases by the buy back.

EDIT: yamaha, you beat me to it by a matter of seconds!