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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
  0.00 0.0% 292.50 27,848 08:00:00
Bid Price Offer Price High Price Low Price Open Price
280.00 305.00 292.50 292.50 292.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 18.68 9.46 17.00 17.2 127
Last Trade Time Trade Type Trade Size Trade Price Currency
17:08:24 O 1,638 292.50 GBX

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DateSubject
23/1/2021
08:20
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 257.50p and a 12 week average price of 252p.
The 1 year high share price is 600p while the 1 year low share price is currently 235p.
There are currently 43,571,425 shares in issue and the average daily traded volume is 249,873 shares. The market capitalisation of Manolete Partners Plc is £127,446,418.13.
04/1/2021
16:35
maddox: Yep, the share price is starting to respond despite volume being below the average. When Miton are cleaned out then the share price recovery could be sharp - there isn't a large free float and demand could very easily outweigh supply. This is probably the last opportunity to scale-up at these prices.
18/12/2020
12:19
maddox: Hi bogman, The share price weakness is most likely due to Premier Miton selling their stake - see recent RNS. The were cornerstone investors for the IPO so have done well despite the lower current price. As Warren Buffet says “Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.” However, the Investor psychology atm is towards Momentum investing so buying a declining chart is going against current sentiment despite the exceedingly strong fundamentals. In the long term there is a 100% correlation between a firm's share price and its underlying business performance. Regards, Maddox
30/11/2020
16:30
maddox: sirrux, I take a 'kay sera sera' view on these cartel cases, it'll be fantastic if they deliver but are too far off to affect current share price. However, what we also have is a another bunch of 'significant' cases (over £1m in value) that should start dropping - we've had a couple recently but the frequency should increase. These have the prospect of a positive RNS, are big enough to move the dial, and hopefully kick some life into the share price.
23/11/2020
20:26
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.
17/11/2020
17:31
monkey79: 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!
17/11/2020
17:29
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!
11/11/2020
13:05
sirrux: Right, those figures and the share price 50% of what it was a year ago. Front end looks ok, all they need is to convince the market on the back end. This industry needs to sharpen up on collections - in the US they have collection managers (on behalf of the beneficiaries) who collect and distribute. They get paid for this, but it's more efficient than the claims pursuer trying to do it. Maybe they do, but I'd expect the share price to be lot higher if they were as the doubt seems to be that parties will agree settlements but will then scurry off somewhere where there's some protection against fulfilling responsibilities. I am not sure how Mano have it structured but if you've got the HMRC as a beneficiary, then it would benefit all parties to have a mutually agreed collections manager so all get paid simultaneously.
12/7/2020
10:25
xpertgreeny: The report is drivel and, as well as shorting, seems designed to promote Litigation Capital Management who have been keen to make inroads into Manolete’s sector but LCM lost their Head of Insolvency Mr Jeffries, a few months ago. Apparently he has been trying to join Manolete without success. It has the facts badly wrong on two public reported Manolete cases: 1. Stylus Sports - the report says Mano made a significant loss. That is false. Mano made a 100% cash profit. In this unusual case against a Council (which Mano won in the Supreme Court), Mano rightly negotiated a unique preferred return of 2x costs. That meant the case didn’t result in a return for the Estate but did result in a good return for shareholders. 2. Palms Palace - the report says the £4.2m judgment is worth no more than £1.5m - £1.8m. As can be seen from their latest reporting, it is held at a far lower, six figure fair value in Mano’s balance sheet. Mano discloses its 17 top value cases (above £1m judgments/settlements) and Palms Palace is simply not on that list.
11/7/2020
21:56
maddox: For heavens sake don't waste your money signing up with Share Prophets to get hold of the 'EXPLOSIVE DOSSIER' - Short Report on MANO - I have an independently sourced copy and it ain't worth the paper it isn't written on. It's a struggle reading through it with the typos, poor wording and formatting is a real mess. One of the illustrations is duplicated. It cannot decide whether to use 'mark-to-market' or 'mark-to-model'. It has the production quality to match for one of those Nigerian 419 email scams. All in all it's pretty shoddy piece of work but no matter it did its job on Friday. It's followed the Muddy Waters' short attack recipe – and has most of the ingredients – the tweet issued in advance that promises a ‘damning and incredibly detailed’ report. The report has the other Muddy Water’s ingredients, it mentions Enron, Worldcom and John Moulton takes the place of Neil Woodford. We are introduced to some shadowy chap Prof Peter Wilson that once had such a nice lunch with Manolete he Tweeted a picture or the restaurant (featured). The detail is provided from Manolete’s own report and account but is presented as original research. Well who’d know, how many actually wade through the detail of an Annual Report. The central thesis is that MANO should be valued like BUR rather than the other way around. There are a few points of interest such as the new Corporate Insolvency & Governance Act 2020 that suspends liability for trading whilst insolvent. These accurate factoids all serve to lend some credibility to the expertise of the author, whom in this case wants to remain anonymous. However, the author refers to this legislation as a 'Bill' but when a Bill is passed into legislation it becomes an 'Act' which only serves to undermine his credibility. Apparently the report is so scandalous that the author has had to hide behind the brave and righteous Tom Winnifroth of Share Prophets. No matter, the plan worked and MANO’s share price plummeted from 511p to 462p - 9.58% in a period of fifteen minutes. This is a predictable market response to the concerted shorting of the shares by ‘those in the know’ together with panicked investors selling immediately to protect their capital. Personal investors have been conditioned by the Muddy Waters short attack on Burford, rather like Pavlov’s dogs, to sell on the first whiff of controversy raised on their shareholdings. No doubt, Mr Smith in LSE’s Market Oversight Dept will not spot anything to raise his concerns. His highly calibrated 'Millennium Bug Pentagon' market surveillance system which is the scourge of market manipulators will be purring quietly un-disturbed. So, ka-ching, money made, short closed let’s look for another target. Just another day on the markets under the watchful eye of the LSE and the toothless tiger that is the FCA. Message me your email if you want a copy of this trash - it's not copyright protected. Regards Maddox
20/12/2019
13:18
xpertgreeny: https://www.investorschronicle.co.uk/tips-ideas/2019/12/19/self-made-manolete/ Self-made Manolete Investor’s Chronicle Alex Newman Until this year, Burford Capital was one of the darlings of the UK stock market. Its litigation finance model was seemingly able to attract capital as easily as it could source, assess, fund and bank investments in legal cases. But that all changed in August, when a short report took aim at Burford's governance standards and accounting treatment of non-realised gains, spooking shareholders. For many, litigation funding and its heady promises of uncorrelated returns is now something to give a wide berth. But a case for the defence is offered by fellow Aim litigation finance outfit Manolete Partners (MANO) - which funds or acquires smaller, less contentious and generally procedural insolvency claims. The group's business model was honed over a decade before its public listing a year ago. Because it focuses only on litigation stemming from insolvencies, its average investment is a reassuringly short 11 months, which means shareholders do not have to wait all that long for "unrealised gain" to be realised. These cases are also highly profitable. In the six months to September, Manolete settled 18 of its cases at an average value of £135,556, for a 193 per cent average return on capital employed. The longer-term track record is equally strong. For the years 2012 to 2016 (years during which the operation was at scale and all cases have been settled) the return on investment from the portfolio of cases invested in has ranged from 145 per cent to 167 per cent. Meanwhile, just two cases remain open from the 31 Manolete invested in in 2017, with ROI [return on investment] standing at 142 per cent as of the end of September. Unlike Burford, Manolete has a much better idea when and how its cases will wrap up as it focuses on reaching settlements rather than taking cases to trial, which also helps to keep lawyers' fees on a tight leash. That also removes some of the uncertainty around the use of unrealised gains (that is, estimated increases in the fair value of a case), which Manolete is required to make under IFRS rules. The key finding of an internal review - that historical unrealised gains have been 34 per cent below the average actual realised gain - offers further encouragement that the accounting treatment is accurate. It is also growing at a clip. Because a typical claim requires a limited amount of labour, and Manolete's network of insolvency practitioners provide a conveyer belt-like run of new cases. Chief executive Steven Cooklin says his team is accepting around a quarter of the two potential investments that "walk in each day". He added that significantly more profitable investments in several larger recent cases would not dissuade the group from buying claims where the expected return is below the current 2.9 times money multiple. Manolete is the market leader and competition does not yet appear to be an issue. It also has plenty of room to grow, given that cash recoveries on the UK's 2,300 insolvency claims amount to around £500m each year. Meanwhile, broker Peel Hunt reckons changes in the rules around claimants' legal costs mean the field is ripe for third-party funding. Manolete's shares are a third off their one-year high, likely owing ongoing nerves toward the sector, and the recent timing of settlements. The latter meant first-half revenues climbed just 15 per cent to £7.5m, of which £5.6m came from fair value movements, although as of September there were 32 live cases scheduled for resolution, trial or in settlement negotiations. Indeed, if Mr Cooklin is right, then Manolete is now funding over £20m of claims annually, on which it can expect a three-figure internal rate of return. That leaves earnings forecasts looking muted, as previous upgrades have already shown. Buy.
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