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Volvere sells Sira for up to 8.6 m stg, shrs soar

Fri Jul 3, 2009 10:14am EDT

Stocks

   

* Gets up-front cash payment of 8 mln pounds

* Sale means Volvere has about 20 mln stg for reinvestment

* Shares reach highest ever level

LONDON, July 3 (Reuters) - Volvere (VLE.L), a company which specialises in investing in distressed businesses, has sold off its certification unit Sira Certification for up to 8.6 million pounds ($14.11 million).

The sale leaves Volvere with about 20 million pounds available for reinvestment.

"The Group's investment strategy of selecting distressed businesses with considerable turnaround opportunity remains core to our proposition," said Chief Executive Jonathan Lander.

It has sold the unit to Canada-based CSA Group for an up-front cash payment of 8 million pounds and a deferred payment of 0.6 million dependent upon financial targets.

By 1410GMT shares were up 38 percent to 253 pence per share, their highest ever level.

(Reporting by Ben Deighton; Editing by David Cowell)



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