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.

I hope some of you were paying attention here.

The share price is now 270p and rocketing upwards after:

- an excellent AGM statement the other day
- stunning disposal news today

VLE have sold Sira Certification for a maximum 8.6m, compared to the 6.3m I valued it at in the header post:

http://www.investegate.co.uk/Article.aspx?id=200907031400020...

VLE now have a 20m+ cash pile, which on its own is worth 360p per share. Not a bad asset to have in this market.

They've also retained Sira Defence, which may become a money-spinner in its own right.

And they have 50% of IPT. 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 in September'08 of 2.65m and delivered an operating profit of 0.4m.....

VLE's worth on a sum of the parts basis must be approaching 500p given that IPT could be valued at say 8m on the basis of the above figures.

Right - GNG and CHNS to be revalued next.

Rivaldo.
Wish I had payed attention a little sooner, I had to pay 274.75p, could have got them cheaper at the end of the day but we shall see .
If as you say the sum of the parts could be approaching 500p then what I paid will seem very reasonable.
Excellent research by the way.
Regards.

Thx Porky.

Even after Friday's rise the share price is STILL at a vast discount to the 360p per share of cash.

On top of everything else, it's worth reflecting on the worth of Sira Defence. It doubled its sales last year to 356k from 174k, and it achieved almost break-even at a 13k loss against a 145k loss the previous year.

And:

http://www.siraview.com/news.aspx?headlineid=104&page=140

"06/05/2009
SiraView used Worldwide

SiraView is now used by 19 different law enforcing organisations, with three of them being overseas forces"

There's also Meerkat Vision as well as SiraView.

In a couple of year's time this could also be worth a few million. All in the current share price for free.

I'm also really looking forward to the upcoming interims to see how much money IPT has made for its first full 6 months. Even if winter'08 was exceptional, and VLE's 50% makes say 300k for the 6 months, that's still 600k of annualised profit which is also in the current share price for free.

Climbing nicely back up to 250p today, still well short of the 360p per share of cash, let alone the additional value of profitable trading businesses.

Sira Defence sounds like it's thriving according to this latest update. I particularly like the comment that SiraView is for anyone who needs to view CCTV footage, not just police forces. Can you imagine the size of the potential markets given that this has been developed with the aid of the Home Office and the UK's largest police forces?

http://www.siraview.com/news.aspx?headlineid=106&page=140

"Breaking News
17/07/2009
Welcome to our summer update

Welcome to our summer update on SiraView and CCTV matters. Here at Sira were working hard to make the use of CCTV evidence more productive and reliable for law enforcement agencies.

Were continually adding new customers both in the UK and overseas. Our successes in 2009 have meant that around half of the UKs police forces are using SiraView and we have users in many other countries. Were really proud of this growth and it has been particularly pleasing that existing customers continue to extend their use of SiraView as they find the ease-of-use and time-saving benefits significant. Weve been finding that customers are no longer just police forces anyone who needs to view CCTV footage will find SiraView invaluable.

SiraView v1.3 launched with a number of new features

Number of playing formats increased substantially. The majority of common formats can now be played on SiraView with more being added with every release.

DVD, QuickTime, and printer export facilities make it court friendly.

A video wizard makes it easier to find the CCTV files.

Tested by the Home Office, the results showed that it met all their requirements of evidential quality, ease-of-use, and delivering viewing efficiency, and in some cases SiraView outperformed manufacturers software."

Nice article on T.M.F yesterday might attract some more interest:

http://www.fool.co.uk/news/investing/company-comment/2009/07/30/cash-for-sale-at-a-discount.aspx

"Like a lot of value investors I'm very attracted to cash rich situations, especially if I can buy the shares at less than the underlying value of their cash assets. In the current stock market climate the share prices of many small under researched companies have fallen to bargain levels. Not only does that throw up attractive opportunities to private investors, but also those companies whose very business is investing in undervalued situations.

Volvere

Two months ago I wrote about Volvere (LSE: VLE) in Double Your Money With These Two Bargains. Volvere is an opportunistic investor in turnaround situations, chaired by Lord Kalms founder of the Dixons chain. At the time Volvere was valued at only 8.5m, despite cash assets of 12.5m and a number of businesses that I valued at a minimum of 4-5m.

The situation has developed more quickly than I expected. Earlier this month Volvere announced the sale of one of these businesses, Sira Certification, for 8m, plus a further contingent amount of 0.6m. Volvere's share price soared from 150p, at the time of my article, to 240p. Not quite double, but a pretty good start!

Yet Volvere is remains almost as much of a bargain as it was at the time of my original article.

Despite now holding 20m in cash, Volvere is still only valued by the stock market at 13.6m, a 32% discount to its cash assets. Volvere also retains two businesses; Sira Defence & Security and a 50% holding in Interactive Prospect Targeting. The later made 0.4m operating profit in its first three months of ownership and earlier this month Volvere expressed pleasure that it's "most recent investment, Interactive Prospect Targeting which we acquired in September 2008, has continued to grow strongly". I'd value these businesses conservatively at a minimum of 4m.

The sale of Sira Certification reaffirms the deal making skills of the Volvere team. The business was put together for a total cost of only 1.4m and has now been sold only 3-4 years later for up to 8.6m, a profit of over 500%.

With a lot of small companies unable to raise funding at the moment, I'd expect further deals to follow. Management hold a 38% interest in the company and are increasingly proven dealmakers. In the meantime the share price is more than underpinned by Volvere's cash assets and it's hard to see much downside."

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