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.

Should interim results be announced this month? No movement or news for sometime so perhaps they may get this moving again.

believe they're due at the end of the month - hopefully should see some price action (northbound) at that time, but that assumes no surprises - so far so good with this company as we await their next purchase, and the growth in those held

Breaking out now at 262p - but still trading at far less than the 350p or more cash per share, let alone if you take into account the highly profitable businesses.

Results must be out in the next few trading days before 30th September, and the company have confirmed this.

The results for H1'09 to 30th September were excellent:

http://www.investegate.co.uk/Article.aspx?id=200909250700056385Z

VLE now has around 570p per share of assets imho, compared to a 275p share price - see as follows.

IPT made 1m PBT for H1! So VLE's 50% is on course for making 1m per annum - its stake in IPT must be worth say 8m-10m or more after tax.

And IPT is actually increasing its profitability - from 400k operating profits in 3 months last year to 1m in H1 this year! As VLE say in the narrative, imagine what IPT might do once the economy starts to recover.

And the cash...

VLE has 21.1m cash. Add on the 0.5m IPT divi received post-year end. Add on the 0.8m uplift in value of the bank securities. We can probably also assume VLE will receive the 0.6m deferred consideration re Sira. That's a mere 23m of cash, or 400p per share....

At 275p VLE's market cap is 15.7m. This compares to:

- the above 23m of cash
- IPT, which is worth say 9m
- Sira Defence, worth say 0.5m.

That's around 570p per share of assets, i.e over 100% upside (there may of course be some tax due on any disposal of IPT).

And if VLE were to make another acquisition which was perceived to be at a bargain price again....

got some at 2.85 .

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