Volvere
SPECULATIVE BUYAfter selling its certification business, distressed-company backer will have £20m cash
Turnaround investment concern Volvere shows a £7.2m profit on selling defence and environment-linked Sira Certification for £8.6m.
AIM-quoted Volvere, steered by chief executive officer Jonathan Lander and chaired by ex-Dixons boss and former Tory party treasurer Lord Kalms, bought the four businesses making up Sira Certification, which provides certification services for products that are used within explosive environments, for £1.4m four years ago. Now it is selling them to the UK subsidiary of CSA Group, a Canadian not-for-profit association serving business, industry, government and consumers, for an initial £8m, with another £600,000 payable if certain earnings targets are met this year and next.
After the sale, which does not affect Volvere’s separate Sira Defence & Security business, the company says it will have cash of £18.5m and marketable securities worth approximately £1.5m. Volvere’s estimated net assets will be roughly 320p a share.
That compares with a current share price of 262p, up from a 91.5p 12-month low but down from a 277.5p year’s high, and leaves scope for improvement.
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Market cap: £15m
PE Forecast: n/a
Share price: 262p
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