Volvere Share Discussion Threads

[elsa7878] 13/9/2024 06:44

Could be on track for 10m full year pbt from shire alone.

REALLY! How so?

[rimau1] 13/9/2024 06:42

I genuinely believe Shire is worth far more than VLE's entire marketcap to a predator. The H1 performance in Table A is astonishing. Could be on track for 10m full year pbt from shire aloneThese remain in the bottom drawer, very dull but significant upside for patient holders IMO

[norbert colon] 13/9/2024 06:29

Congrats to everyone who's stayed the course with VLE

[rivaldo] 13/9/2024 06:25

Today's H1 results deserve a "Wow". Terrific stuff.

And this is the seasonally much weaker period for Shire!

Net assets are up to £15.85 per share, and group cash has increased by almost £3m to £24.3m - despite paying for substantial share buybacks.

Industry leaders must surely eye up Shire at some stage and conclude it's worth a great deal given these results and its consistently good track record:

[jaf111] 09/9/2024 07:45

Second half of September for interim results - 29/9/22 & 19/9/23 were the dates in the last 2 years

[ntv] 08/9/2024 17:01

When are the next results or trading update due?

[zangdook] 21/7/2024 17:33

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 17:08

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 21:02

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 15:59

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 14:31

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 10:02

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 07:35

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

[rivaldo] 30/6/2024 21:58

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



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

[zoolook] 11/6/2024 07:56

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

[rivaldo] 11/6/2024 06:24

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

[zoolook] 31/5/2024 14:55

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 13:22

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 15:30

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 06:35

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

[rivaldo] 28/5/2024 13:30

£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 18:47

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 17:41

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

[tanners] 22/5/2024 08:25

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.