Ann: CLH makes $8.5 million Investment in Volt Corporation, page-3

TH - those were my initial thoughts as well, and that 8.5m in cash is not an insignificant amount for PDL purchases so an interesting strategy. 

Note that a 4.5% stake for 8.5m values Volt higher than CLH...for a startup? They also mentioned $3m in profits from that stake, so if that eventuates, that would be a good result, but colour me slightly skeptical. 

I suspect they will have to sell another part of their old PDL book to get cash for higher PDL purchases, continue their dividend payments, and also pay for this stake. Will have to monitor the results in Feb carefully.....guidance of 18cps sounds good, but I'd prefer if they focused on the core business to deliver that.