Volvere Share Discussion Threads

[glawsiain] 24/9/2018 09:15

Its been a quiet few months here, but interims must be due this week - they were published on Sep 21 last year.

[rivaldo] 03/9/2018 15:18

Good to see the buying price rising now to 873.5p following some meaty buying of 10,000 shares (I'm assuming the earlier trades at 870p were buys given the sells at around 860p).

All this suggests there was an overhang which may now have been cleared.

[xajorkith] 31/8/2018 11:20

Slow drift lower starting to irritate me here.

Results soon thankfully & hoping for a repeat (chart wise) of last year’s 40% rise over the following five months.

Certainly seems very cheap at 870p.

[longshanks] 20/8/2018 07:48

Just saw your notes below zoolook. Will think about moving my ISA next April, I guess.

[longshanks] 20/8/2018 07:46

I got a letter from iWeb whilst on vacation explicitly telling me I can no longer buy shares in VLE: only option is to change broker.Anyone else in the same boat?

[zoolook] 16/8/2018 09:23

Spread seems to have narrowed. Topped up

[melf] 14/8/2018 11:57

Just on the Shire front, I suspect that pie consumption is down during this extremely hot summer. Will be interesting to see what the company reports.

[rivaldo] 14/8/2018 10:50

H1 results should be out in only a month's time. VLE had an £18.5m cash pile at 31/12/17, and I imagine this has increased to say £20m by now given no buybacks.

So the 31/12/17 NAV of 660p per share - including £2.5m of freehold property - should have increased nicely since the year end. Which would value Impetus and Shire combined at around say £7m-£8m at the current m/cap. Crazy.

The comment that VLE "look forward to another successful year in 2018" for Impetus, together with "encouraging" progress for Shire hopefully indicate that this year will continue to see progress, with the one complementing the other if one subsidiary stutters slightly whilst the other thrives. Although I'd rather see Shire sold and another large parcel of cash coming in....

[hpcg] 13/8/2018 10:03

I sold out here a few months ago, with these motivations, if it helps:

1. First and foremost liquidity risk. Whilst as an investor I have a long time horizon the trader component of my style does not like to see profits evaporate. Low liquidity makes it less likely that price will keep up with valuation.

2. Seasonal risk exacerbating the liquidity risk. Whilst I think the summer season makes little difference to large stocks nowadays, the marginal buyer of a boutique stock might spend less time on the market. Given the excellent weather in the last few months I think this has reduced volumes in the smalls.

3. Some more general market risk, which is to an extent playing out, though not as yet in the all important US markets.

4. Specific UK economic risk, currency etc. Shire a bit vulnerable here.

5. In addition idiosyncratic risk with Impetus, customer concentration and so forth.

Valuation was not a factor, indeed the reverse. I'm confident that VLE will go on to make new highs, but also there are reasonable odds of being being able to buy back in before then after some of the risk factors have been mitigated.

[zoolook] 12/8/2018 22:59

Let’s face it - it’s a generally misunderstood investment that isn’t neatly pigeonholed - hence the low valuation

[zangdook] 12/8/2018 15:08

So they think VLE is an "investment trust or fund"...

[zoolook] 12/8/2018 09:05

Thanks. I’ve got the kids ISAs with them

[rhomboid] 11/8/2018 21:58

I can recommend AJ Bell..youinvest€578;

[zoolook] 11/8/2018 18:53

Actually thinking about it I might take them up on that offer with a view to keeping the ISA within the FSA guarantee limit

[zoolook] 11/8/2018 18:24

Not a proper explanation/justification.

The letter reads: “On January 1st 2018, new rules changed how certain investment trusts and funds can be traded. Because of these changes, we’ve taken the decision to withdraw the option to make further purchases of some of these investments.”

There is the option to transfer the holding free of charge to another broker until 31st October.

[zangdook] 11/8/2018 16:46

I know, but it might be useful to have them give an explanation. I've had one but it was from a know-nothing intern as far as I could tell so I couldn't get much traction.

[rhomboid] 11/8/2018 15:42

It’s all Lloyd’s Banking Group broker’s that have taken this stance on flawed advice

[zangdook] 11/8/2018 15:11

Do they give a meaningful explanation?

[zoolook] 11/8/2018 12:15

Received a letter today from IWEB confirming that they’ve taken the decision to withdraw the option to make further purchases of Volvere in my ISA

[rivaldo] 18/7/2018 08:33

Only two months to go until the interims now.

I thought the, erm, succinct Chairman's outlook statement from the finals had a rather bullish tone to it:

"We look forward to another encouraging year in 2018."

[wild bill] 12/7/2018 11:37

It's quiet in here...

[simso] 26/6/2018 17:22

Thanks Rhomboid, really appreciate the feedback

[rivaldo] 25/6/2018 23:14

Many thanks rhomboid. I couldn't make it this year, but have met the Landers on numerous occasions already!

Great to hear the positive tone of both the replies and your impressions.

[rhomboid] 25/6/2018 15:34

On my way back from AGM but notes below;

Volvere AGM

Attendees BoD plus advisers, 5 or 6 investors

All motions carried

Q Lloyd’s group& some other brokers refusal to accept VLE trades, sells only..why not give a rolling broker mandate to act as sweeper to mop up?

Would force JL to bid as is at 29.9 % , they’ve changed the description of the company to industrial holding company but think producing a KID as the directive suggests would be hugely misleading, any future returns would probably be via tender like last time, they’re happy to engage with individual brokers if shareholders have specific contacts

Q 950k Capex in shire ...what is it?

3 things , a second flour silo , a machine called Thor ..or Odin..🤔which has just arrived for automatic production of party/vegan parcel casings & machine for making filo pastry
..they seemed bullish about returns from Shire this year

Q Sira ..what is the competition? It seems to offer a valuable solution, but nobody is buying?

They sell to U.K. police forces direct but decision making v slow & spending cuts an issue, they still think product is unique & have recently signed reseller type agreements overseas, obvious frustration but hopeful of overseas license sales

Q Impetus training contract penalties mentioned for the first time? Is there a shortfall against targets? What was the materiality used?

Can’t say due to NDA but relationship with the client is good, the word material was used in the normal parlance sense rather than the audit sense. I didn’t sense this was an uncomfortable topic so I’m reassured , incidentally Impetus have some software IP ..eg most BMW dealers in Europe excluding Germany use an accessory selling tool to demonstrate the product to customers & drive add on sales..that’s an Impetus licensed tool

Q Shire 850k debt funding? Is it cheaper than the return on group cash? If not why utilise it?

No but each subsidiary is set up as wholly independently as possible ..logical given they could be sold at any time

Q Current Asset investments? What are they?

at the moment some £3m invested in big not volatile income producing equities that are non correlated to group activities, reluctant to say who as we could work out what the investment/theme was..my impression was he’d rather be marking his own homework at year end rather than have shareholder’s do it mid exam🙂

All in all a friendly meeting that covered most of the ground I wanted covered, I’m sure I’ve missed a few snippets so if anyone else was there please chime in🙂

[rhomboid] 23/6/2018 19:50

I’m thinking about it ...but wasn’t going to make the trip if you or rivaldo etc were going to be there🤔 anyone else?