Ann: 3rd Quarter Trading Update, page-16

VLE - no, I don't know mgmt (but I have corresponded with investors who have met the brothers and they were impressed. Personally I rarely correspond with mgmt - I mainly assess them based on track records). VLE specialises in turn-arounds - eg, a typical purchase is a loss making business, bought dirt cheap, and VLE try and turn it around. Eg, Impetus has been a stand-out success story. VLE bought it for 1.25m in 2015 - VLE's share of Impetus' tax-paid profits is now around 2m p.a (from memory) and Impetus continues to win new clients. Impetus and the surplus assets are the key VLE assets currently. VLE has significant surplus assets. In particular: 12m cash, 6m equities, and freehold property at shire ~2.6m (all IIRC). Things some people may overlook.


Yes, Shire was disappointing recently, but they've investing another 1m to target higher margin product and expect an improvement. NB. They only paid 2.5m for it. SIRA is v. small - some option value only.

No haven't looked at Ad8 - sounds like you think I should. Thanks!

Apologies to CYB holders for the off-topic posts