Volvere Share Discussion Threads

[zangdook] 21/7/2024 18:33

Possibly, but there may be a question about the amount of cash (as a proportion of NAV) and the length of time it's been there.

[asagi] 21/7/2024 18:08

I thought that Volvere was an 'industrial holding company' and can have cash on its balance sheet like any other. It is not as if they are an Investment Trust or similar: the cash is there to buy real, trading businesses when the opportunity arises.

This leads me to believe that the shares would qualify for full business relief.

Asagi (no position)

[zangdook] 12/7/2024 22:02

I suspect it may partly qualify - the business would qualify and the funds held for investment would not. I'm not sure how HMRC deal with that, given that the share price is independent of the value of the assets.

[boadicea] 11/7/2024 16:59

Thanks for relaying those helpful comments. The 'risk adverse' one probably explains the absence of recent acquisitive action.

A side issue which assumes increasing importance in my advancing years is the AIM qualification for IHT relief. Although it currently has food manufacturing as its principal (only?) activity its objective is to buy, turn round and sell off companies. As such I think it may be disqualified as a búsiness asset.

Anyone have a view on this?

[rivaldo] 04/7/2024 15:31

Jeff256 has posted some notes from the AGM elsewhere - hope he doesn't mind me pasting them here...it all sounds promisingly efficient and sensible as ever:



"Summary of my AGM Notes:

Commodity costs stable which is helpful for margins
Investing in capacity and efficiency improvements.
Increasing size of mezzanine floor.
Have invested in packaging to remove bottlenecks & increase line speed.
Priorities are maintaining and building long term customer relationships, with quality critical & new products important
Has been consolidation among competitors in recent years. Not all have strong balance sheets, so that can be an advantage with customers.
For acquisitions, looking at all types of business, not just food. Like people businesses.
As usual, they seem to be honest, capable & very risk averse."

[rivaldo] 01/7/2024 11:02

VLE never issue any AGM updates! So it's difficult to be disappointed.

Only just over two months until the interims anyway.

[jaf111] 01/7/2024 08:35

Rather disappointing to have no AGM statement…R30;unless of course things are going on behind the scenes 🤞🤞🤞

[rivaldo] 30/6/2024 22:58

Another £147,500 of shares bought back at 1475p:



That's around £1.29m now bought back since March.

[zoolook] 11/6/2024 08:56

Anyone have any thoughts on what price they would pitch if they did a tender offer?

[rivaldo] 11/6/2024 07:24

A further £74,250 of shares bought back - at 1485p, the highest price to date if I recall correctly:

[zoolook] 31/5/2024 15:55

I think you are missing my point. According to their stated investment strategy they shouldn’t be buying back shares at this price.

[rivaldo] 31/5/2024 14:22

For the record, another £74,000 of shares bought back at 1480p:



Remember that VLE bought back a further £916,000 in March, as well as the £148,000 in the last few days. So the cash pile will have reduced by over £1m, but the true NAV per share will have increased nicely since the year end.

Zoolook, a stated true NAV including a sensible valuation for Shire would indeed be extremely helpful! But it isn't going to happen without a value-defining event as it's subjective. Perhaps the market should take its cue from the normally very conservative Nick Lander's willingness to buy back large quantities of shares at 1480p....

[zoolook] 30/5/2024 16:30

As per recent RNS “In the short term, the Group will continue to buy in its own shares whenever possible in order to narrow the Group's share price to NAV per share” which is moderately amusing as this wouldn’t narrow the gap much given the declared NAV is £14.83!
It would be helpful if they were able to incorporate a sensible value for Shire in that NAV to demonstrate the real value here.

[rivaldo] 30/5/2024 07:35

Good to see VLE confident enough to buy back £74,000 of shares at 1480p:

[rivaldo] 28/5/2024 14:30

£62,000 of sells today at 1443p or so all absorbed without a problem. Perhaps there's an ongoing buyback in the background, or simply a buyer out there snapping up shares.

[elsa7878] 22/5/2024 19:47

See Graham at Stockopedia, a long term holder, thinks £20.50 a share, so good to be in the same valuation ball park.
Feel very lucky to have picked up such a big stake from Canaccord when they were selling big lumps in the mid 11's.

[rivaldo] 22/5/2024 18:41

Good to see a £15,000 buy at 1500p this afternoon.

[tanners] 22/5/2024 09:25

Agreed, and given the clearest indication yet that the Board are looking at finally unlocking the value here, it's a very strong hold imo.

[elsa7878] 22/5/2024 08:35

Struggle to see how this is worth less than about £20. At that price the market cap would be about £45 million with nearly £24 million in cash and a Foods business, which if you rate it at a very mean 10x is worth at least £20 million for it's 80% share.

[rivaldo] 22/5/2024 07:21

Indeed - they're early! Although it did say "on or around" May 24th.

Great results as already flagged, and assets worth far more than the current m/cap.

All summed up by the quote in the above post.

[jaf111] 22/5/2024 07:11

Actually results out today……and

The Board is conscious of the Group's share price, which it does not believe reflects the underlying value of the Group's assets. These are principally cash, liquid investments and the investment in Shire Foods. We are considering a number of ways through which to unlock this value for shareholders and will update investors on these developments at the appropriate time.

👍👍👍❤ʊ39;

[rivaldo] 21/5/2024 22:35

Reminder for self (and others!) - results will be published this Friday.

[scorpione] 13/5/2024 16:23

I'd say sell the whole lot, which might seem unlikely or at least, give us LTH a tender offer, please Nick!

[rimau1] 13/5/2024 14:45

Something is up. I wonder if VLE are ready to finally announce an acquisition

[rivaldo] 13/5/2024 09:19

New 30-month highs now.

We already know that the results on the 24th will look great, and the £23.74m cash pile alone backs up 80% of the m/cap.

Shire is in the price for almost nothing.