VLE has a sum of the parts value of 397p imho against the current 171p share price, including at least 220p per share of cash.

The current market cap is 9.7m, with 5.675m shares in issue.

Following the 2008 results VLE now has 12.5m of cash, i.e 220p per share. Additional receipts from IPT in 2009 have probably increased the net cash to over 13m, against that 9.7m m/cap.

Tangible net assets are 10.6m.

IPT (50% owned) had an operating profit of 0.4m for Q4 alone post-acquisition. To value, annualise by multiplying by 4, divide by 2, apply 30% tax and a 10multiple gives 5.6m.

Sira had an operating profit of 0.9m. Apply 30% tax and a 10multiple gives 6.3m.

Adding these three together gives a valuation of 22.5m, or 397p per share.

Web site : http://www.volvere.co.uk.

Major shareholders comprising 75% of the shares in issue are (in % terms):

Andrew Cohen 849,666 14.97
Neil Ashley 355,159 6.3
Jonathan Edward Lander 550,037 9.7
Black Rock (Nutraco Nominees) 347,744 6.12
State Street Nominees 282,000 4.97
Roy Mitchell 174,133 3.07
Richard Bernard Kalms 292,822 5.1
Harold Stanley Kalms 571,287 10.1
Clareco Ltd 182,114 3.21
Nicholas Paul Lander 291,287 5.1
Ashley Granchildren's' Settlement 250,000 4.41
David Buchler 104,893 1.80

= Director

VLE is a holding company acquisition vehicle.

VLE first acquired Sira Group for 1.4m, which provides certification services covering the safety of products that are used within potentially explosive environments (such as chemical plants, mines and other hazardous areas). The business also provides training for personnel that work in these environments. This was making annualised PBT of 0.5m pre-acquisition on 2.3m annualised turnover.

Then VLE acquired Sira Test. Sira Environmental provides monitoring and conformity assessment solutions to the environmental monitoring community in the specific areas of water quality and emissions monitoring. In addition Sira Environmental operate the MCERTS program for the Environment Agency ('EA') - certifying people and products as conforming to certain EA technical standards.

VLE paid just 30k for this business which came with 80k of net assets, 0.5m of turnover and trading at break-even!

Sira has an excellent new web site:

http://www.siracertification.com/

Finally, VLE acquired what is now 50% of IPT in Sept'08. IPT builds customer prospect databases that are generated through the completion of questionnaires that are distributed principally on prize sites on the internet, such as www.MyOffers.co.uk. IPT has a database of over 5.2m email addresses, 6.8m household postal address and 1.7m telephone and mobile numbers, all of which are opted-in to receive marketing from selected clients. IPT processes over 3m completed prospect questionnaires every month. The company currently employs 57 people and is based in London.

For a net acquisition price of just 0.2m, IPT had revenue for three months post-acquisition of 2.65m and delivered an operating profit of 0.4m!

I hold some VLE patiently waiting for further expansion moves with the cash pile.

75% of VLE's shares are held by directors and a variety of institutions as above including a number of members of the Kalms (Dixons) dynasty - Stanley Kalms is a director. So the free float is a little limited.

Having spoken to the directors I know that they've turned down a lot of acquisitions to make the right ones as listed above, and I believe they will eventually ensure the share price will be far higher than it is currently, especially if Stanley Kalms has anything to do with it.

Interesting interview with Jonathan Lander, Chief Executive Officer.

Click the link below to listen:

http://www.brrmedia.co.uk/event/104430/jonathan-lander-chief-executive-officer