Manolete Partners Dividends - MANO

Manolete Partners Dividends - MANO

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Stock Name Stock Symbol Market Stock Type
Manolete Partners Plc MANO London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 310.00 08:00:05
Open Price Low Price High Price Close Price Previous Close
311.50 310.00 311.50 310.00
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Manolete Partners MANO Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

maddox: Agreed Brummy, Vox Markets' Paul Hill's interview with MANO CEO Steve Cooklin provides great insight into the nature of the insolvency market, goes into great detail into how MANO operates, the cashflows and timing. Essential listening for anyone interested in investing in MANO. Also, pleased that MANO is seeing those green shoots. Those postponed liquidations will not have disappeared - the referrals may come in a flood. I hope that MANO have the resource capacity to meet the demand when it arrives. The increased bank debt available will be there to fund the increase in working capital required. Yesterday, wasn't a great day for the update RNS to come out. Nevertheless, with MANO being negatively correlated with the general economy - it provides a natural hedge against Mr Market's fears. Regards Maddox
brummy_git: Find out in this fabulous interview with CEO Steven Cooklin, how MANO has traded in H1'21 & what's in store going forward from any future wave of corporate bankruptcies.
maddox: I have huge respect for Paul Hill so great to have him promoting the MANO investment proposition. However, I'm concerned that expectations don't get set too high, too early. We're just coming up to the end of 1H on 30 Sept - so business volumes from the uptick in insolvencies are unlikely to have had any impact, and that might be the same for 2H. So, whilst it's positive that MANO are reporting trading in-line with management expectations they're probably not going to look terrific on a comparative basis. The medium/long-term prospects for MANO are looking stronger every month but there is a need to factor-in the timeframe for liquidations to become leads, leads to become cases, cases to be settled, and settled cases to become cash. We don't want impatient disappointed bulls whinging-on as they invariably do. Regards Maddox
maddox: The Insolvency Stats are out: 'In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series since January 2019. The number of registered company insolvencies was similar to pre-pandemic levels, driven by a higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.' The Aug 2021 figures, typically a quieter month, are 30% higher than pre-Covid Aug 2019. So, we now have four months in a row signalling that the volume of insolvencies on which MANO sources its cases has returned to pre-Covid levels - and then some. To reiterate my words of caution, it takes about six months for the liquidations to generate enquiries to MANO. This normal time-frame may have also been affected by Covid? Regards Maddox
sallad3: LazG Send me a pm and I will direct you to URL for Eversheds letter confirning they and KPMG habitually overcharge and expect to get smacked on assessment (on the rare occassions it happens). Also HMRC's response. There are indeed cases that should be litigated that might not be without assignment. Most readers won't appreciate tht IPs have rights of audience and don't need to instruct lawyers in the first place. The problem is that assignment becomes the first stop rather than the last and creditors don't know anything about it - see the CoHse filings for Blackwater case and the date of assignment to Mano. Will lawyers acting for Mano etc agree upfront to own-costs assessment as part of their contract? Seems unlikely. Without that, or similar, the "Eversheds Rule" will always apply to insolvencies. The Blackwater case is most interesting in that it, correctly in my view, confirmed that Mano et al have to use normal legal process as they do not step into the shoes of the IP who is an Officer of the Court and therefore cannot use IA 1986 rules. bigbaggy Can you direct me to the Jackson statement on the 200% applying to insolvencies? Sorry if I have missed it.
bigbaggy: Sallad: you continue to make the same errors. The creditors AND Mano suffer the legal costs. So the better Mano control costs the better Mano and the creditors do. Whereas under CFA/ATE: lawyers and insurance company take off the GROSS recovery. Jackson said those costs averaged 200% of the gross recovery leaving nothing to the creditors. That is why the Jackson Reforms happened. And the MOJ is delighted with the much better outcomes for creditors so they will not be changed. Rightly so. This is my last attempt to explain this to you.
sallad3: Maddox I agree that most cases settle because the business model is to threaten but not actually proceed to litigation if at all possible, in return for 50% of the outcome and a small downpayment which is a pretty lousy deal for creditors but the way of the modern world as it gets the Insolvency Practitioners paid in full. But.. If it comes to legal process and someone has provided the change of address (twice) etc then it doesn't look very good if no-one pays attention and the extra costs are borne entirely by the creditors in the estate and not Mano and its lawyers which isn't conceptually right. The short circuiting of court rules by Mano also came up in [2021] EWHC 1481 (Ch) and presumably all those legal costs are not Mano's expense if/when successful.
value_spotting: Hi all, Check out my latest article on Mano! Manolete is set for some short term pain following artificial suppression of insolvency in the COVID-19 pandemic, but it’s long run prospects mean I have estimated it is undervalued by 40%-80%! hxxps://
sallad3: JimTech That doesn't fit with the statements he made in the RNS in Nov '20 (see below) If his sale and the Mithaq deal involved a change in dividend policy it had to be announced. If the Board had changed the policy ahead of the results announcement, it had to be announced. One of the problems seems to be that these shares are so tightly held by a few insiders that there is a clear and present danger that they "might forget" the needs of others. As I mentioned filing accounts before they have even been put to shareholders is a no-no and rather symptomatic of that sort of thinking. I think there might be more to this than meets the eye. The HSBC charge document is silent on covenenants because that doesn't include financial obligations of the borrower. [EDIT forgot to include the only publicly available HSBC restrictive covenant is "NB: HSBC RCF bars SC from going below 10%" given on 17 Feb 21 after Mithaq approach on 19 Jan] I also have concerns that creditors are finally waking upto the fact that the creditors are always significantly worse off with a Mano deal than if the liquidator brought the proceedings himself. Liquidators and their solicitors have only two interests in assignment - collecting their fees and avoiding personal liability for an adverse costs order. Mano's 50% (after all legals etc) is now shown in some filings at companies house as giving creditors less than 25% of any eventual gain and in some cases NIL dividend. If someone steps up and prices ATE insurance properly then creditors will always be better off not assigning to Mano. Interesting times - but slashing the dividend seems very odd after a year with such a wide difference between realised and unrealised gains. Need to re-invest all cash flows when borrowing costs are <3 over SONIA? Doesn't fly. Nov '20 Dividend The current intention of the Board is to adopt a progressive dividend policy. As outlined in our Admission Document, the Company intends to pay an interim dividend for the half year ending 30 September 2020 equal to a third of last year’s dividend. Dividends will take into account the progressive nature of the dividend policy, distributable reserves and other applicable law and the trading performance of the business. The interim dividend to Ordinary Shareholders will be payable on 17 December 2020 to those shareholders who are on the register of members at 27 November 2020.
maddox: On dividends Steve Cooklin said that he'd had many investors, large and small, say that they'd prefer to see it re-invested, and they have thus taken the opportunity to re-base it to 1p. He thought that the discipline of paying a dividend is a good one so the intention is to continue to pay one albeit a nominal amount. I agree with this policy - I like to see a dividend paid, but I'm primarily looking for capital growth not income at this stage of their development. Regards Maddox NB. Premier Miton was a key stone investor for the IPO and had invested from an income fund - hence MANO committed to pay a dividend based on a percentage of earnings. PM sold their stake so releasing MANO from the commitment.
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