Volvere Share Discussion Threads

[rivaldo] 14/11/2023 08:55

Crucible Clarity Fund Plc have been buying and now own 5.21% of VLE, or 121,228 shares - up from a prior 3.06%:



They declared with 3% in Oct'22, so this is their first addition since then.

I note that the two properties for sale appear to have disappeared from the "for sale" listings above, which is hopefully a good sign that completion has happened or is about to happen.

I've also updated the major shareholders list in the thread header post (comprising around 54% of the shares).

[sue1alan] 21/10/2023 09:52

The two surplus properties in Colchester are under offer. Source: agent Fenn Wright.

[rivaldo] 10/10/2023 10:43

In case anyone missed last night's late RNS, VLE made a substantial £116,000 buyback of 10,000 shares:

[rivaldo] 01/10/2023 06:25

Lovely obituary for Jonathan Lander:



Brief extract:

"With an initial capital of around £3million, Volvere would buy businesses in distress and turn them around.

The Lander brothers had a real passion for people-businesses, where Jonathan’s incisive mind could unnerve and inspire staff in equal measure. The successes over the next 20 years would see more than £34million returned to shareholders. Tears were often shed when Volvere sold an investment and staff knew a special period of ownership was coming to an end."

[jaf111] 22/9/2023 11:37

A small buyback…..fingers crossed this is the first of many….

[eezymunny] 20/9/2023 16:18

DBAY acquiring FIF for:

TNAV + (8.7 * post tax profit forecast), using those metrics values Shire at 12 + (8.7 * 2) = 29.4m quid. Add 20m for VLE cash and VLE valued at c. 21 quid a share. PMSL.

I can wait...

[rivaldo] 20/9/2023 13:55

DBAY's bid for Finsbury Foods today appears to value it at a P/E of around 10.3, and may have to be raised to win the vote. Maybe a read-through for Shire?

Different part of the food sector though being cakes, bread etc, so perhaps not. A shame Indulgence wasn't quite so successful....

[rivaldo] 19/9/2023 12:46

No-one's invested here for regular dividends - the model is to buy cheap businesses, turn them around with investment and resources and then sell them. Although with £21.4m of cash there's always an argument to be had about special dividends alongside the regular share buybacks.

Of course Shire's taken a lot longer than prior investments. This has been an extremely successful turnaround, but personally I'd like to see Shire sold rather than retained and scaled up further with more food-related acquisitions, but I recognise that the current environment for selling companies at decent prices is probably not ideal.

[zangdook] 19/9/2023 09:24

reliable source of dividend information:



short answer - none

[purplepelmets] 19/9/2023 09:18

what divis get paid here? Stocko shows none paid in the last few years

[rivaldo] 19/9/2023 08:29

Excellent H1 results from Shire, with revenues up 21%, margins increasing and PBT up 29% in the much seasonally weaker first half.

The £25.96m m/cap compares to £21.4m cash (plus £1.45m of properties for sale) and £35.3m net assets.

Shire made £2.43m PBT last year, so PBT looks set for well over £3m PBT this year assuming the H1 rate of growth continues.

Assuming £3m PBT, less 25% CT, times 80% ownership, equals £1.8m. Give that a P/E of say 8 and Shire is worth £14.4m.

Taking into account the cash pile and the net assets there's plenty of upside from here.

Good to see the reassuring commentary too from Nick about he and the business moving forward from the tragic loss of his brother.

[galles] 19/9/2023 07:30

Ah, thanks EM. Glad you clarified it

[eezymunny] 19/9/2023 07:22

Galles

Trailing 12 month pbt and central charges for Shire was 2.95m if my sums are right, so that divi just about covered by profits and I guess fully covered by cash flow.

[jaf111] 19/9/2023 07:19

If there really is a distinct shortage of acquisition targets and if maximising shareholder returns really is at the forefront of the Board’s strategy then the next steps would seem pretty straightforward̷0;…sell Shire and liquidate the company…..IMHO

And certainly in the interim more share buybacks and / or tender offer…..

[galles] 19/9/2023 07:05

I like the results, always knew we'd be back in profit when only Shire is accounted for. Market cap backed mostly in cash, and the rest by a profitable, growing company. But did I read this right, £2.5m dividends paid for by Shire. That's rich of them, how do they justify that when the earnings aren't close to that.

[rivaldo] 08/9/2023 07:26

Just back from hols and learnt the terrible news. My thoughts are also with Jonathan's family, particularly Nick, and friends. To be taken at the age of just 55 is just inconceivable.

I talked with Jonathan in person and on the phone a number of times, and he was always a pleasure to discuss matters Volvere-related and anything else with, being as honest and forthcoming as he could be. He had a fine, dry sense of humour and was obviously an extremely capable businessman. He and Nick have done a fine job with VLE.

For the record Evil Knievil on Master Investor had this to say:



"I invested successfully in Volvere (VLE) several years ago and sold out. I thought no more about it. It was and remains a very successful investment/trading company run by Jonathan and Nick Lander. It is chaired by David Buchler, a distinguished small company assessor. Last Monday, Jonathan died very suddenly aged 55. As an enquiry on Google will show there was nothing gross about Jonathan Lander.

Thus Nick is in the driving seat and one wonders what will happen now. TNAV is about £14 a share and one can buy stock (not much) at about £11.50. VLE is highly solvent and loaded with cash.

Curiously, the Lander brothers were shown as being paid just £19,000 p.a. between them. But, slightly unusually, they were also taking £650,000 p.a. into their management company, D2L. Perhaps Nick will take just £325,000 p.a. now. I do not know.

I also do not know what Nick intends to do with his time or why or where. But he might take VLE on to new heights of sensible achievement. Or he might accept an offer for the lot. If the latter, it must surely be above £11.50 a share. Here is an opportunity for patient investors."

[mathew wood] 29/8/2023 11:19

Very sad news. A Great man.

[davidosh] 29/8/2023 10:50

This tragic news was shocking to receive this morning and my thoughts are with Nick and all the close friends and family plus all the employees who regularly came into contact with Jonathan.

I met Jonathan on three occasions including two attendances at our Mello conferences as he was a great supporter of engagement with investors and wanting us to fully understand the Volvere strategy. I admired what he and Nick were achieving and shareholders have done well backing them. Taken far too early at 55 years young.

[zoolook] 29/8/2023 08:43

Oh no. That’s so sad. Condolences to those close to him.

[jaf111] 29/8/2023 07:38

I sort of understand the fall in share price today due to likely no acquisition news BUT IMO most likely scenario going forward is sale of Shire and VLE being wound up…..NAV £13 plus so actually today’s sellers likely to regret their decision…̷0;

[9degrees] 29/8/2023 07:22

Nick our thoughts and prayers are with you and your family at this sad time .xx

[galles] 29/8/2023 06:22

Indeed. So sad to see.

[jaf111] 29/8/2023 06:09

Very sad news…55 years young

Volvere plc (AIM: VLE), the growth and turnaround investment company, announces with great sadness that its Chief Executive, Jonathan Lander, died peacefully after a short illness fought with much courage, on 28 August 2023, surrounded by his family.

[zoolook] 28/7/2023 17:48

To my knowledge they’ve only ever paid cash for their investments