Share Name Share Symbol Market Type Share ISIN Share Description
Manolete Partners Plc LSE:MANO London Ordinary Share GB00BYWQCY12 ORD 0.4P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.50 -0.85% 290.00 24,876 16:35:04
Bid Price Offer Price High Price Low Price Open Price
285.00 300.00 292.50 285.00 292.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 27.83 6.99 13.00 22.3 126
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:04 UT 1,100 290.00 GBX

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2021-09-17 15:35:04290.001,1003,190.00UT
2021-09-17 15:29:09288.152,0005,763.00O
2021-09-17 15:24:42288.1552149.84O
2021-09-17 15:11:23293.504,25512,488.43O
2021-09-17 14:35:49293.503551,041.93O
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Manolete Partners Daily Update: Manolete Partners Plc is listed in the General Financial sector of the London Stock Exchange with ticker MANO. The last closing price for Manolete Partners was 292.50p.
Manolete Partners Plc has a 4 week average price of 270p and a 12 week average price of 220.50p.
The 1 year high share price is 332.50p while the 1 year low share price is currently 180p.
There are currently 43,571,425 shares in issue and the average daily traded volume is 36,651 shares. The market capitalisation of Manolete Partners Plc is £126,357,132.50.
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://eddielloydcom.wordpress.com/2021/07/18/manolete-partners-plc-42-5yr-cagr-bargain/
bigbaggy: Completely agree Nobby. On all my analytic metrics the Mano business is 3-4x the size it was at IPO in 2018, but the share price is just 28% up. That is just plain wrong. Then, as you say, this has to be the best positioned company out there for the next 3-5 years of corporate dislocation. The Government has put a very effective sticky plaster over the worst recession for 300 years. Very soon that plaster is coming off....
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.
jimtech: I bought in on Monday for a few reasons. This is my take... I think the previous high rating anticipated that COVID-19 related new business would come sooner than it will do. Cash flow has always been a problem and it will continue to be 'lumpy'. That's just the nature of the business. The institutions that sold made good returns on their IPO investments. They bought in requiring dividends and this would have been a drain on Manolete resources. Dividends may well now be reviewed to ease cashflow. I see Mithaq Capital as being more patient though. It is also hugely significant as they are shareholders in Burford Capital - as has previously been pointed out. So, Mithaq Capital know the sector. Insolvency litigation is an area where Burford no longer has an offering and Manolete is the UK market leader. Consequently, a merger would make sense at some point. Unless an offer is made I don't see the Manolete share price moving up for a while though. This slow down has spooked investors but it will pick up again when the UK government cease financial support of companies. Manolete Management have said that this slow-down was flagged when they released their H1 results, however, this was not clear and will have created a bit of distrust amongst investors. Consequently, it may take time to climb up again. Just my thoughts as a private investor. DYOR.
sirrux: 90% per Annual Report.Pass on defence is where the cartel say they don't pay out to the extent you were able to pass on the cartel's overcharge to your customers. Sounds real messy if you ask me, you could be arguing over that one for a long time.I see the general decline in Mano's share price coincides with a June 2020 EU court appeal hearing relating to the truck cartel. That may have had some sort of indirect bearing on Mano's cases. Sounds like the year end accounting discussions on the £7.1m valuation will be interesting, Mano were hopeful of an even bigger payout (that was perhaps being reflected in the pre COVID share price) but based on the dearth of news it all looks a bit iffy to me and it's now nearly 5 years after the EU ruling in 2016. Worth a few more questions I think.
monkey79: LIT's accounting is clearly better than 'fair value' accounting with one expectation, markets have currently oversold companies using fair value. For MANO's share price to half because of some dodgy report by Share Prophet is crazy. Assuming MANO case instruction remains at the same (will almost definitely increase because of COVID)then by H1 2022 they will have instructed another 252 cases, in addition to the current 224 open cases - . If their duration is actually 11 months then you would envisage they would all complete by year end 2022 (some of the H2 126 cases would complete by year end). So 476 cases should complete in the next 18 months. Again only 302 LIT's accounting is clearly better than 'fair value' accounting with one expectation, markets have currently oversold MANO because of fair value accounting. For MANO's share price to half because of some dodgy report by Share Prophet is crazy. Assuming MANO case instruction remains at the same (will almost definitely increase because of COVID)then by H1 2022 they will have instructed another 252 cases, in addition to the current 224 open cases. If their duration is actually 11 months then you would envisage they would all complete by year end 2022 (some of the H2 126 cases would complete by year end). So 476 cases should complete in the next 18 months. Again MANO have only complete 305 cases since inception in 2010. Their realised gain from 2016-2020 is £27.7m (earlier years realised gain not reported). Even assuming all 305 cases realised between 2016-2020, which they did not, then the pro rata realised gain on 476 cases is £43.2m - plus the 4m realised gain from H1 2021 = £47.2m. Fair value accounting is better when market has overshot!
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