Volvere Share Discussion Threads

[rivaldo] 03/5/2023 07:44

Shire's's new ad for a Weekend Maintenance Engineer notes that:

"Shire Foods has successfully expanded its business; We are now running on a 24/7 rotating shift pattern"....

[rivaldo] 14/4/2023 12:01

Deferred shares are irrelevant - meaningless and valueless - and are usually cancelled eventually.

9degrees, the current shareholdings are here - almost exactly 50% of the shares in issue are held by 3%+ institutional holders and directors:

[zangdook] 13/4/2023 14:25

They also have five trillion deferred shares.

[papy02] 13/4/2023 14:24

9deg. 61% + 49% = 110%
So who’s holding all the rest ? ;-)

[9degrees] 13/4/2023 14:18

I think it is about 17%?so there is only 32% in public hands and most of this is held by Instis

[9degrees] 13/4/2023 14:12

of the 49% how much is held by the directors ? Rivaldo

[9degrees] 13/4/2023 14:08

approx 61% now held in treasury ! Are they going to take it private ??

[rivaldo] 11/4/2023 22:50

Another £24,300 bought back at 1215p:

[rivaldo] 03/4/2023 15:36

Almost £66,000 more shares just bought back at 1199p:

[rivaldo] 27/3/2023 13:32

For the record, another £17,000 of shares just bought back at 1130p:

[rivaldo] 22/3/2023 11:36

There's been no share consolidation NewKid. The shares have done rather well over time, though the share price has been in consolidation mode for, erm, some time.

Perhaps you should consider topping up to a nice round 100 shares :o))

[newkid] 22/3/2023 11:06

I have recently gone back and looked at shares I have or had. I found I had 61 shares at £1.27 per share in 2007. I can't believe the current price. I have looked through the RNS's can't see anything that say's we have had a consolidation of the share. Has there been one?

[rivaldo] 22/3/2023 10:54

Good to see the consistent rises this week.

The spread is unusually inviting for VLE at a mere 20p with 1130p-1150p.

[rivaldo] 15/3/2023 22:17

Shire's true historic PBT is £2.78m - the difference down to £2.14m is only internal "intra-group interest and management charges".

Any outside purchaser would therefore use the £2.78m PBT as their reference. As VLE themselves say:

"profit before intra-group interest and management charges is considered to be a relevant, useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group"

The CT rate is only rising to 25% for part of this coming year and will probably reverse prior to the next election - one would hope anyway that Shire's profits will continue to rise to contra this given the terrific way it's traded over recent years.

The Indulgence loans will undoubtedly be written off, along with the other impairments already noted in the trading statement, but obviously this is all historic now and will be kitchen-sinked in the 2022 numbers.

[elsa7878] 15/3/2023 17:42

Thanks but the directors take 600k, you can’t just ignore it, and the tax rate is now 25%. So net is about £1.3 million. Does anyone know about the loans to Patisserie. At one point they were £7 million from memory. Presumably they need to be written off minus whatever they can recover from the site sales. Guessing the write off though will be non- cash.

[rivaldo] 15/3/2023 07:07

Shire's PBT last year was £2.78m, so if you tax at 19% CT for 2022 and then times 80% for VLE's ownership - then the net is exactly £1.8m.

Give that a conservative P/E of say 7 and it's worth £12.6m (and of course there's the freehold property and other PPE to consider as well). Given Shire's growth a higher P/E of 10 would bring in £18m.

When VLE acquired Shire it was making annual losses of £0.3m.

[elsa7878] 15/3/2023 06:44

The Shire figures are 100% is that right? So a profit of 2.14 million needs to be reduced by 20% to around 1.7 then taxed at 25%. Thanks

[zoolook] 14/3/2023 23:28

On the face of it they have sat on too much cash for too long but it’s a difficult place to be if you stick to your guns on what you are prepared to £offer for businesses is lower than what businesses are prepared to accept or alternative buyers are prepared to offer. Didn’t Buffett wind up an earlier investment vehicle because there was no longer value in the market? Also most of the cash was raised on an offering 1350p IIRC and they have been buying back below that which is arguably an excellent use of capital.

[yamaha865] 14/3/2023 22:34

I don't think Shire is worth £20m, profits after tax usually are between £1-£2m or thereabouts. Still good value at this price, but really its use of capital over the last several years has been poor.

[rivaldo] 14/3/2023 22:18

In cae anyone missed tonight's late RNS, nice to see VLE rightly considering 1085p good enough value to buy back another £21,700 of shares:

[kispis59] 14/3/2023 21:08

Agreed,I would say Shire must be worth £20m + cash of £20m, so a share price of £15+

[zoolook] 14/3/2023 08:33

Well done Shire and the Lander’s. It’s unfathomable why the share price isn’t 50% higher

[eezymunny] 14/3/2023 08:24

Has something changed smithie6, or are you just posting piffle for the sake of it? AFAIK the way the company rewards the Landers hasn´t changed for 20 years.

[smithie6] 14/3/2023 07:55

...'before management charges' for the 2 Landers

& ' £2m spent to buy shares in to treasury'....will all the treasury shares be to reward the 2 Landers ??

Have the 2 Landers got too much power here & is there a real risk of them taking too much now & in the future for themselves ?

[rivaldo] 14/3/2023 07:30

The year end update is out - Shire Foods have had a cracking year, with PBT up to £2.78m (from £2.14m).

Given the surrounding cost and labour environment you have to give immense credit to them. Shire is now a substantial business and appears to be well placed in its sector given its links with the fastest growing players.

VLE now have £20.8m cash against the £24.8m m/cap, and that will have risen by the amount of the Indulgence property sold since the year end (£1.5m or so from memory?) with one more property to go. The Indulgence losses are substantial but now historic, and going forward VLE will have a clean Shire-based business.

Plus it's good to hear:

"Since the year-end, labour market challenges and raw material price pressures have shown some signs of abating. Early indications are that the focus on margins in Shire has ensured that we have commenced 2023 with appropriate customer pricing."

And there are further encouraging noises about potential further acquisitions. Maybe with Indulgence now gone we'll get action on this front.