7:59 cut – Volvere

Volvere (VLE) – Final Results

There is little new news in today’s statement from the investment company. NAV / share is confirmed as £12.50. Following the disposal of their principal business they are left primarily with a cash pile and a food business which is not making significant profits or obvious financial progress. Continuing operations show a significant loss, although this appears to be driven by a jump in admin costs which may not recur.

Volvere are now looking for further investments, possibly in the food sector, and hope to invest in the next 12 months.

The long term track record of the management suggest that this is a good investment at a 10% discount to NAV, however in the short term there are few drivers for share price growth. I suspect the share price will now drift until an announcement and even then any purchase could take many years to visibly add value. A year ago, or even in September they looked good value, but no longer.

I will be taking advantage of an all-time high share price and liquidity on results day to sell for the moment.

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