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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Manolete Partners Plc | MANO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 135.00 | 08:00:25 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 135.00 | 135.00 | 137.50 | 135.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 23/06/2022 | Final | GBP | 0.005 | 08/09/2022 | 09/09/2022 | 06/10/2022 |
| 11/11/2021 | Interim | GBP | 0.0039 | 16/12/2021 | 17/12/2021 | 06/01/2022 |
| 23/06/2021 | Final | GBP | 0.01 | 09/09/2021 | 10/09/2021 | 07/10/2021 |
| 10/11/2020 | Interim | GBP | 0.0117 | 26/11/2020 | 27/11/2020 | 17/12/2020 |
| 03/07/2020 | Final | GBP | 0.03 | 10/09/2020 | 11/09/2020 | 30/09/2020 |
| 21/11/2019 | Interim | GBP | 0.005 | 12/12/2019 | 13/12/2019 | 31/12/2019 |
| 27/06/2019 | Final | GBP | 0.0149 | 12/09/2019 | 13/09/2019 | 30/09/2019 |
| Top Posts |
|---|
Posted at 13/5/2024 17:21 by rmjpb We didn't get the usual 'investor presentation' after the results this year. All seems very quiet at Mano. |
Posted at 02/5/2024 11:40 by sallad3 Today's RNS is a disgrace.Regulatory rules prohibit Auditors entering into such contracts with clients. Full stop..no ifs ... no buts. So where was MANO's due diligence? AWOL? MANO should never have accepted the contract in the first place. MANO's own lawyers are bound by Solicitors Regulation Authority Rules but seem to have ignored them. Are MANO bound to hand back the deal? Time will tell. |
Posted at 18/4/2024 15:54 by cfro My own particular investment thesis and reason for investing in MANO was the bounce-back loan opportunity. The market i think, from memory, is deemed to be worth about £8bn..Although the bounce-back loan opportunity is definitely still there in today's statement they seem to be saying that with a typical size of "only" £50k they are not making much money here therefore they prefer larger cases sizes.. But as an outside investor i have no idea how to judge how large this particular market is to MANO and how consistent it could be to their YoY revenues and profits growth.. Whereas the bounce-back loan opp has two strands: a) very low hanging fruit to go after b) potential for rapid growth in a £8bn market if MANO become the preferred go-to insolvency practitioner from all the UK banks. |
Posted at 11/3/2024 08:56 by sallad3 dekle. No documents are public on the Court filing system. Have to ask MANO directly. |
Posted at 27/2/2024 09:41 by sallad3 What is this about?Mano suing solicitors - who were they acting for? hxxps://caseboard.io |
Posted at 28/11/2023 14:58 by maddox Hi riverman,There's plenty of potential looking at the numbers. We have 417 current live cases and 146 new case investments in the 1H24 to 30 Sept - but we have only concluded 116 cases. On the basis that the case timespan is falling back to the 12 months average - we should see the completed cases approaching 300 per annum in the medium term. Then, the average case value to MANO is currently historically low (£17k current vintage) as compared to say c. £48k the pre-Covid average. So, we should expect case values to increase as Administrations join the CVLs in the case mix. This is important as MANO is highly geared. The Operating Margin I like to calculate excludes the IP's share of the case win and looks only at the revenue due to MANO. In 1H24 that was 31% but has been 65%+ pre-Covid and as Overheads appear well managed I think we'll get back there. So, I think it's fairly easy to see the recovery pathway. As these factors play-out we should see profitability accelerate away. A short-term target of c. £5m Net Profit is reasonable. Then, medium-term say £10m Net Profit looks a reasonable target at which point MANO will look very good value. Reaching full current capacity, say 400 cases, and we could see £20m Net Profit. All models are wrong so I'm not going to put a timeframe on these targets as that's less important and considerably more difficult. The more important consideration is that it's not difficult to see how we get there. |
Posted at 24/11/2023 22:02 by maddox Manolete - Back to the Future!These financial results provide reassurance that MANO is on the recovery trajectory. It's been a long and painful recovery back from the Govt Covid measures that clattered MANO's business - so it’s great to see that the recovery is clearly underway in last week’s results. The Govt Insovency Service reports monthly CVLs (Company Voluntary Liquidations) that are a leading indicator of market demand. These manifest as cases referred to MANO by the Insolvency Practitioners (IPs). Currently these are running at about +70% above the level that they were in pre-Covid 2019 when MANO’s share price was in the 450p - 550p range some 3x higher than currently. Nevertheless, this is still early days, MANO are still seeing only a trickle of what is likely to become a deluge of cases: >> Firstly, there is a natural delay between a firm lodging a CVL and it being referred to MANO as a case enquiry, so there's more growth to come; >> Secondly, the larger and more complicated cases are still yet to reappear in the figures, these will generate higher returns; and >> Thirdly, Bounce Back Loans are a new post-Covid line of business, that could add significant additional profit. MANO has increased staff to cope with the demand they foresee. Back in 2019 they had the capacity to manage 275 cases simultaneously – whereas they now have 417 live cases. Another, key metric updated in these results is that MANO achieves a phenomenal Internal Rate of Return (IRR) of 131% - this before overheads, which remain well contained. As demand scales-up cash will be absorbed into working capital as new case investments will out-pace case settlements. MANO has drawn £13m of its £25m debt facility with HSBC and shelved its dividend to preserve cash for investment. So, great to see a return to profitability but much more to come and profitability should accelerate fast as operational gearing kicks in. |
Posted at 18/10/2023 11:26 by maddox Hi riverman,As you know I'm in LIT too - prospects look excellent. It's interesting to compare and contrast - MANO has better IRR figures but this is compensated by LIT's higher investment capital. As MANO's trajectory looks much more rosy with the cases coming through - it's difficult to predict their fortunes one versus another. A couple of factors also favouring MANO is the granularity of their case input and the far shorter timeframe to resolution. LIT's cases are getting larger and predicted to get even longer to conclude - probably leading to highly lumpy results. Mr Market doesn't like lumpy - so MANO's smoother revenue might be valued more highly? Pure conjecture but we'll have to wait and see. |
Posted at 04/10/2023 16:02 by sallad3 I couldn't get to the AGM this year so couldn't ask the questions but I suspect that one of the issues around Mano's performance is the "unenforceable" decision that is troubling to the funding model, which is almost always a better option for the creditors because the legal fees charged to the IP are statutorily assessable by the Courts (on request) whereas the sale to Mano model takes them out of the loop and they are whatever Mano and the solicitors agree and are 100% charged back to the IP on success. One of the Directors publicly acknowleged this nearly a year ago.Many years ago Eversheds stated to HMRC that they and KPMG habitually overcharge and expect their fees to be knocked back by >25% if they are ever assessed. "Times they are a'changing. Never underestimate the impact of the Closed Shop and Gravy Train that Insolvency offers accountants and solicitors with little or no oversight of what they do. Mano needs the Truck cases to settle if they are to get back to being unconstrained by the restrictive Bank covenents. I can't see much upside before then unless there is a big case windfall. |
Posted at 27/3/2023 18:09 by sallad3 jonwigI'm digging around in the Jon Moulton (City Link and 26+% shareholder in MANO) truck cartel numbers and wondered if you can recall any further specifics to assist in coming up with support for the valuation of (..£6k..?) per tractor etc. The various Companies House records show that at the date of the administration there were 2,600 hired vehicles (cars, vans forklifts, tractors and trailers). Can you recall if Steve C has ever given a unit number for claims for the Moulton vehicles ? The claims were 100% assigned to MANO for £125k and the company then dissolved. Subsequently it had to be restored on 20.11.19 and placed in liquidation SOLELY to help MANO's cartel case (EY's words not mine). MANO's RNS of 14 July 2020 stated that "On the [..City Link claim...] £125,000 was paid in initial consideration ... but Manolete owns a 90/10 split of the net proceeds." That doesn't seem to be the case given EY's latest report. MANO has actually agreed to underwriting ALL the costs of the liquidation AND the EY liquidators remuneration and expenses. EY's fees to be paid by MANO are 5% of the GROSS (yes GROSS not net) and a further minimum sum of £50k (capped at £180k) plus all costs to close the liquidation. That's an awful lot of money for EY with the benefit to creditors capped at a maximum £600k. and only £41,821.50 on the EY time clock at £550 per hour. It's a potentially very very big cost to MANO when the whole principal of the Moulton deal was he assigned 100% to MANO before the AIM listing and he was to be the sole remaining substantial shareholder. The Guernsey press reported in 2022 that: "Now he plans to keep his head down, investing his own wealth through his family office – one of his top investments is in London-listed litigation funder Manolete Partners. 'We've made a fortune on that. We own about 26 per cent which didn't cost us very much.' The company is now worth around £240m." I'm struggling to see the realism of the £13.2m Cartel valuation in the absence of meaningful volume of vehicles nombers, and there is a loss to be reported for FY23 anyway per last RNS that relies on no Cartel writedown being necessary. Perhaps we might get further detail in the promised April update. Any help or AGM or other meeting recollections gratefully appreciated. |
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