Volvere Share Discussion Threads

[budsman] 18/6/2019 11:39

Yamaha - The timetable in the Tender states that Crest accounts will be credited
on 19 June.

[yamaha865] 18/6/2019 11:26

Does anyone know when the funds from the tendered shares will be deposited? Still waiting for mine through iweb.

[rivaldo] 14/6/2019 07:35

Good news flow for Shire Foods' main customers is certainly piling up.

As well as yesterday's news re Lidl and Aldi's expansion, today we have news of Iceland opening a further 50 new stores this year:



And Morrisons have expanded their partnership with Amazon across Britain, with online groceries from Morrisons being available for delivery by Amazon within hours of being ordered:

[eezymunny] 13/6/2019 17:41

You're the only one esmith

The Landers can cash in now and pay 10% tax. When comrade Corbyn is elected they'll be paying 90%. What would you do?

The modus operandi is to buy failing businesses for buttons. They don't need 40 million to do that, so completely sensible to do a voluntary tender.

Durrr....

[esmith3] 13/6/2019 17:35

Am I the only one cares about how many shares the Landers and other insiders have cashed in over the last 12 months? It doesn't demonstrate much faith in the company continuing to generate high returns, does it?

Have they got another project(s) which they are putting most of their money and efforts into now?

[jaf111] 13/6/2019 16:31

...and even worse 1,372 sold at 1210p....crazy!

[jaf111] 13/6/2019 15:07

Agree Eezy....who on earth has just sold 922 shares @ 1232p!!!!
Unbelievable.......

[eezymunny] 13/6/2019 14:45

Wonderful to see the PI wonderbrains selling at below the tender price. Where do these people come from????

So many thickos around.

[rivaldo] 13/6/2019 07:24

I see Lidl are investing £500m in 40 new stores across London, which should be good news for Shire Foods:



I note that Aldi (also supplied by Shire) are rolling out a new Local sub-brand for smaller London sites too, with the first store opening in Balham in March.

[rivaldo] 12/6/2019 22:46

Hopefully they will buy back the extra 70k shares. There are only 1.9m shares in issue now, and VLE has £20.5m of cash.

Excluding the Landers' shares, almost 30% of the other shares in issue were tendered (around 644k shares) - higher than I'd imagined would be the case. Perhaps Andrew Cohen and the like tendered quite a few.

There can't be many shares available for sale out there post-tender, so hopefully any interesting news like a new acquisition or a sale of Shire at some point will meet with a good reaction.

[zangdook] 12/6/2019 17:44

Tender offer not fully taken up. I wonder if they'll go ahead with a buyback now as they said they might, to make up the difference.

1,283,927 - 1,213,608 = 70,319

£907,115.10 @ £12.90

[cockerhoop] 12/6/2019 13:21

Redhall Jex which was the food industry service business - sold

[rivaldo] 11/6/2019 14:58

I wonder whether VLE looked at Booth Industries, which has just been acquired by AVG from RHL's administrators at what looks like a cracking price. I don't hold AVG and don't intend to, but this looks like a bargain. Perhaps RHL have another business or two which might be worth looking at.

[topvest] 08/6/2019 12:27

Seems to have delivered some value here. I kept away from this because of the LDC link.

It might be worth you seeing what's going on over on that thread. David Buchler and his mates seem to be bleeding that company dry. Excessive remuneration and years of getting nowhere.

[zangdook] 05/6/2019 10:13

6. Maximising the Effect of the Tender Offer
If the Tender Offer is not accepted in full, the Board, having given Eligible Shareholders the opportunity to participate in the Tender Offer, reserves the right in its absolute discretion to purchase in the market, up to such number of Ordinary Shares as is equal to the difference between the number of Ordinary Shares successfully tendered in the Tender Offer and 1,283,927 Ordinary Shares (being the maximum number of Tender Offer Shares).

If they're serious about this it could push the price higher, since they'll be trying to buy them from people who didn't want to take 1290p. Of course the tender may be taken up in full.

[yamaha865] 31/5/2019 15:08

Some basic calculations in deciding whether to tender...

Implied market cap at 1290 is 40.2m. Assuming full take up of tender will be about 23.7m

Cash post tender 20m. Means implied value for Shire holding of 3.7m. I expect Shire should get to 1-1.5m pbt within a couple of years...so reasonably a value for volveres stake could be 8-10m... meaning the 1290 undervalues in my opinion by about 20%

So I largely won't be taking the tender... have gone for about 10% of my shares though as volvere is over 30% of my portfolio

Dyor etc

[eezymunny] 30/5/2019 17:19

I'm only bad tempered when I read total drivel zoolook.

In real life I'm the happiest bunny in all of Gotham.

[zoolook] 30/5/2019 17:03

Hi cfro

Meet EezyMunny

He's a bad tempered badger (who happens to be right most of the time)

[cfro] 30/5/2019 15:17

Please forgive me for sticking my nose in here as i am not a holder..

I just don't get this tender offer nonsense. I mean, surely what shareholders really want is a special dividend.
So, they will potentially "return" up to £16.6m through buying back shares off of shareholders for the price of £12.90. I note that shareholders are not allowed to vote on the matter. But how many shareholders are really happy about this situation?

The price of £12.90 looks to be perhaps below the true NAV of the company as a whole so i guess most shareholders will refuse to take up this offer as they believe the company to be worth more. But by setting a price the management are effectively saying that this is the price they believe the company to currently be worth thereby putting a cap on the price.

Looking at the positive side, assuming a large take-up of the offer would mean that the shares in issue get tighter which in turn put the NAV per share up. That much is obvious.

On the negative side, what happens if their next deal turns sour and NAV then falls? Those that don't take up the offer will be kicking themselves.

This seems to me a very strange way to return cash to shareholders that can potentially lead to some very strange outcomes.

[rivaldo] 30/5/2019 12:29

I did say the other day "I doubt they'll spend more than say £10m on a single acquisition", and that seems to have been proven correct.

With an "appropriate" cash pile of £20m+ post-buyback, that leaves sufficient headroom for an acquisition up to £10m, working capital support for investees, plus a buffer for more buybacks or further small acquisitions.

Graham Neary has commented in his small cap report today (VLE is his largest holding) - it would be interesting to know his conclusions:

[jaf111] 30/5/2019 11:49

....well that opportunity didn't last long....1290p now to buy.....
But a nice turn for those who bought earlier!

[jaf111] 30/5/2019 08:45

just purchased some more at 1250p ish.....makes it easy to decide on the tender or not question!

[zangdook] 29/5/2019 16:33

I wonder what will happen to the share price when the offer closes. I'd be inclined to tender some in the hope of buying them back after, but I wouldn't put it past the company to bring out some good news and mess up my cunning plan. If I'd had 10% here like some clever people it would be easier, instead I have ~3%.