VLE, a turnaround investment company, 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 £9.5m at 167p, 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 £9.5m 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 10× multiple gives £5.6m.

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

Here's the 2008 results FYI:

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!

Finally, VLE acquired what is now 50% of IPT in Sept'08. IPT builds…

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