Volvere sells Sira for up to 8.6 m stg, shrs soar
* 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: Quote, Profile, Research), 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)
© Thomson Reuters 2009 All rights reserved
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage




India
US
UK







