News blog
Volvere
- BY: Andrew Hore |
- POSTED: 04/07/2009 |
Volvere’s latest disposal will leave the company with £20m in cash and investments.
Volvere is selling Sira Certification to Canada-based not-for-profit association CSA for an initial payment of £8m. There could be a further £600,000 in deferred consideration depending on the achievement of financial targets in 2009 and 2010.
The sale sparked at 65p increase in the Volvere share price to 247.5p, which values the company at £14.1m.
The Sira business, which certifies products used in explosive or sensitive environments, was bought by Volvere in September 2005. The business made an operating profit of £870,000 on revenues on revenues of £4.2m in 2008. The Sira Defence & Security business is still owned by Volvere.
Volvere’s post-disposal NAV is 320p a share. That includes £18.5m in cash and £1.5m in marketable securities. Volvere also owns 50% of Interactive Prospect Targeting Ltd, which made an initial contribution in the 2008 figures.
There are plenty of distressed businesses that Volvere can invest its cash in. It is a question of finding the right ones.
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