Manolete Partners Share Discussion Threads

[riverman77] 10/10/2023 17:15

What a disgrace this company is. Sill no udpate. Compare with the excellent and transparent communications at LIT and BUR. Pretty sure it's won't make for pleasant reading when it finally comes - probably more write downs on the cards.

[riverman77] 04/10/2023 21:34

I'm giving this another week and then moving on if no udpate - disgraceful that no udpates for three and a half months. No sign of any director buying, so clearly not that much of a bargain even after massive falls. Don't normally pay too much attention to share price movements - in fact, usually take advantage of sell offs to top up, but something doesn't feel right here. Just so many good opportunities out there right now, so why waste time on this?

[sallad3] 04/10/2023 16:02

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.

[jsforum] 03/10/2023 19:32

Lots down tonight but Mano have been making excuses for too long

[rmjpb] 02/10/2023 16:19

Is there a problem here? Are we going to be the last to know? Or is this just a tree shake? The annual results and investor presentations all looked rosy. The only doubts were the cartel cases and the 'appeal decision'. All the projections looked positive, with a very transparent pipeline with a reliable conversion from unrealised to realised......so what's going on?

[cfro] 02/10/2023 16:12

It's not often i come onto bulletin boards moaning about share price performance but this really trying my patience. The results better be worth hanging on for..

[riverman77] 29/9/2023 12:11

Continuing to hit fresh all time lows. Worst performer in my 30 strong portfolio by a long distance. Very bad that no trading update since June, so well over 3 months complete silence.

Luckily the big gains on LIT and BUR this year have more than offset the losses here, but even so extremely frustrating. What's particularly irritating is that I only really held this as a hedge which would have expected to have done well in a downturn!

[rmjpb] 29/9/2023 08:03

I do hope you are correct. These recent falls don't appear justified.

[maddox] 25/9/2023 23:20

Hi cfro,riverman,

The Full Year 2023 figures masked a much improved 2H23 to 31 March that looking at the accompanying non-financial metrics continued into 1H24. Also, by my calcs the post-Covid recovery in the number of CVLs - the main business driver - should be dropping into the P&L by now. There is a lag between CVLs recorded and cases being offered to MANO and ultimately a settlement agreed that appears in the P&L.

If my assumption is correct we should have some decent 1H24 figures - which will be compared with a very poor 1H23 set. So, the recovery should look very clear.

Mr Market is discounting any good news currently - so I don't expect this to lead to a huge leap in the share price to previous levels - but it should spark the beginning of a recovery.

[cfro] 25/9/2023 09:23

I share your frustration with the price dropping again today..

Thankfully only a v small initial investment for me but nevertheless annoying all the same especially as business here on the face of it seems to be going well.

No update however since the Finals where they re-emphasised record new case acquisitions and completions and the snowballing effect but the share price snowball is alas melting..

Interims due Nov. Either the market is wrong or i am..

[riverman77] 14/9/2023 14:14

Still dire share price performance here, in stark contrast to recent rally in BUR and LIT. Hold all 3, but thankfully MANO much smaller position. When are we going to get some good news to finally get this thing moving? Quite tempted just to move on, but will probably give it to the end of the year.

[bigbaggy] 09/8/2023 12:25

Good spot Xpert. Great interview.

[xpertgreeny] 09/8/2023 12:07

Just stumbled on this clip - sounds like a good technical explanation of the Supreme Court case called PACCAR.

[riverman77] 01/8/2023 14:33

I think it also reflects the current bearish sentiment - a few years ago markets were prepared to give very high valuations to reflect potential future earnings -MANO itself went to almost 600p at one point. That's no longer the case - markets want to see the money before getting involved.

[maddox] 01/8/2023 14:19

There are no mysterious reasons that need to be conjured-up to explain the share price. MANO have suffered a fall in business as a direct result of Covid-19 and have just reported a FY loss. So, on the face of it, not a share that will attract a following.

You'd need to be following MANO to see the potential value and a contrarian in nature to buy-in rather than sit on the sidelines.

And for the Contrarians, that's the opportunity.

[maddox] 01/8/2023 14:18

A useful clarification on the Supreme Court Ruling. Boiling it down it affects 5% of the £31.5m Net Book Value of in-flight cases i.e. £1.575m. So, looks limited at worse case if agreement to amended terms cannot be reached with the 23 funded parties. If they wish their case to proceed, and why wouldn't they, this should be resolved quickly.

[riverman77] 01/8/2023 13:13

I think it's pretty clear why they're underperforming - they've yet to actually deliver in terms of producing any meaningful cashflows, coupled with a number of earlier disappoinents (eg case write downs). Can't say I'm pleased with how it's going, but prepared to hold on here as the big pick up in new cases should start to feed through to earnings at some point, and the share price will then take care of itself.

[tradertrev] 01/8/2023 12:22

There are reasons why this share is underperforming. I don't know what they are and I doubt anyone else on here knows definitively either. However, I feel confident that it's nothing to do with the occasional less-than-complimentary comment that appears on this board. Sorry can't be more helpful!

[riverman77] 01/8/2023 12:17

Hopefully this will stop the rot - incredibly disappointing share price performance this year, especially compared with LIT and BUR. However, everything appears to be going in the right direction now so surely only a matter of time before this recovers.

[jonwig] 01/8/2023 12:01

Comment made - unlikely to be any material effect, if any effect at all:

[sallad3] 31/7/2023 11:21

I think it might be a good idea to do so.

Total for the last 5 years on FUNDED cases is £20,225,000.

Liquidators have a statutory duty to the creditors.

[jonwig] 31/7/2023 09:40

Ok - LIT made a statement that they were unaffected. Maybe there should be one here, too?

[sallad3] 31/7/2023 09:32

There must be a real risk of clawback on prior cases.

H1 23 results presentation slide reported 3 new funded cases taken on. Silence for the full year.

Accounts - note 4 shows >25% of total Net Realised Revenue is from FUNDED cases which is up from 10% the previous year.

[jonwig] 31/7/2023 09:05

When I saw that last week, my first reaction was that MANO is (almost always) not a "third party".

[sallad3] 31/7/2023 08:52

Thanks to a poster on LSE



Methinks this must have a negative impact on MANO but we probably won't know until the AGM unless the directors choose to make an announcement.

It's bound to have a knock-on effect on all Insolvency Practitioners.