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MANO Manolete Partners Plc

0.00 (0.0%)
08 Dec 2023 - Closed
Delayed by 15 minutes
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% 167.50 17,323 08:00:25
Bid Price Offer Price High Price Low Price Open Price
155.00 180.00 167.50 153.50 167.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Legal Services 20.75M -3.12M -0.0714 -23.46 73.3M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:02:35 O 6,060 165.00 GBX

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Date Time Title Posts
28/11/202320:00::: MANOLETE PARTNERS :::1,459
01/5/201913:14Manolete Partners at the UK Investor Show-

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Posted at 09/12/2023 08:20 by Manolete Partners Daily Update
Manolete Partners Plc is listed in the Legal Services sector of the London Stock Exchange with ticker MANO. The last closing price for Manolete Partners was 167.50p.
Manolete Partners currently has 43,761,310 shares in issue. The market capitalisation of Manolete Partners is £73,300,194.
Manolete Partners has a price to earnings ratio (PE ratio) of -23.46.
This morning MANO shares opened at 167.50p
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 10:26 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 18/10/2023 08:09 by maddox
Key point out of this trading update is that we're heading back to a full-recovery position only at far higher levels than 2019. Add to that the BBL proposition is gaining traction with another bank based on success with Barclays.

Whilst 1H24 profitability is marginally down on 2H24 it'll look fantastic against 1H23 the normal comparator - because 1H23 was awful.

The share price slide has un-nerved investors so not expecting an immediate full recovery. But there is nothing here to substantiate investors' fears. Shares are suffering from redemption-forced selling by funds. So, until that money finds its way back to the market share prices will remain depressed.
Posted at 11/10/2023 10:34 by theborn
As a long term holder I'm equally disappointed with current share price. However, I think we might be jumping the gun and reading to much into this. The UK stock maket, particularly AIM and 250 has taken a pummelling these last 12 months and very few stocks are immune.

As for market comms, if you go back through Manos reporting history, they don't tend to provide many updates outside of the usual annual and semi-annual reports. I've been expecting a trading update som time between now and mid Nov by way of update on the 6 months to 30 Sept.

This share is so thinly traded with a ridiculous spread, I'd be careful to assume no news is definitely bad news - particularly if no news is consistent with how they've always reported. In fact, reports outside of the norm are usually bad news when it comes to Mano, so even more of a case for no news is good news.

I follow Manos socials and news updates and they are continuing to hire and are constantly out on the road drumming up new regional business. More business and new hires to support that is consisent with their most recent updates.

I could be completely wrong and totlly naive but I'd expect a positive update within the next month and given the limited shares available, that would quickly see a return to the more recent 220+ range
Posted at 24/7/2023 12:41 by riverman77
Regarding some of the comments above about the persistent under performance of the share price - I've always been of the view that this will only rerate when there are clear signs of actual and material cash inflows. We've started to see this recently with LIT, but still waiting with MANO. I remain pretty hopeful things will improve over the next 12 months, so not too concerned about current share price.
Posted at 18/7/2023 11:35 by maddox
Our leading indicator the Creditors’ Voluntary Liquidations (CVL) figures for June have just been released - these figures are a leading indicator for cases that will be referred to MANO for litigation financing.

'In June 2023 there were 1,759 Creditors’ Voluntary Liquidations (CVLs), 21% higher than in June 2022.'

To put this figure into context this month’s figures are 75% ahead of June 2019, prior to the beginning of the Covid-19 pandemic, that caused the dip in cases for MANO, and also 216% ahead of June 2020 towards the Covid low-point for CVLs.

So, whilst we are yet to see the recovery reflected in MANO's P&L it's showing-up in the rate of referrals from Insolvency Practitioners reported. With MANO recruiting two more senior lawyers and two more analysts to meet demand - the recovery is underway.

However, with the share price languishing at 204p as I post Mr Market appears sceptical.
Posted at 25/5/2023 17:40 by maddox

We're in a 'risk-off' investment climate and many funds have suffered significant fund redemptions - basically individual investors withdrawing their money. Funds have then had to sell shares to raise money to pay-out to investors and thus share prices fall. There are further concerns about inflation, interest rates and whether we're heading into recession.

Whilst MANO also has the attraction of being uncorrelated with the general economy, metrics supportive of the investment case, investors are reticent and sitting on their hands, so we're lacking buyers. At some point sentiment will change, contrarian investors will be followed in by momentum investors and the share price may well charge away. Impossible to say when this will happen but it always does.

The contrarian-side of my investment style usually takes me in early, you get the better prices but often then need patience; nearly always more patience than I anticipated. Or, you can wait for 'price confirmation' from Mr Market and have to compete for shares against other buyers at higher prices, which suits the momentum-style investor.
Posted at 27/3/2023 17:09 by sallad3

I'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.
Posted at 29/9/2022 14:24 by sallad3

The adage "once bitten twice shy" comes to mind. Best to understand the whole business as far as one can.

The big "lost cause" had final order of the Court filed on 8 July, including the "consequential matters" (leave to appeal costs etc), after the judgment was handed down on 24 June. IMHO Mano were obliged to report it to shareholders more than 2 months before they did, and certainly on the date the order was sealed (which gave them 2 weeks to research it) and there was never any possible appeal to the High Court as you seem to think, because the judgment was made by a Judge. There was simply no excuse for delay. If I had bought after 8 July I would be tempted to seek redress.

The Mano business model is simply one of making threats. Recoveries benefit mostly Mano, IPs and their solicitors which is Mano's USP. Creditors get the bits left over - if any.

All Mano's cases can also be seen by typing "manolete" into the search box on

There is a lot of activity.

Any interested shareholder can then follow up on the CE-file site to the publicly available documents (fees £11 or £22).

The Traxx (Aggregates) case (issued 1 September 2022) is an interesting one to follow given that the Administrator reports (per Companies House) that there is unlikely to be any payment to unsecured creditors, and its mostly about his (personal 25%) and his solicitors accrued fees. Mano paid £10k upfront and an undisclosed share of any recoveries in Summer 2020.

The Zipp International case is an interesting one. Settlement £800k. Mano took £369,470.05. Claim is publicly available which shows the amount claimed to enable comparison against the achieved settlement. It was a funded case. IP and solicitors were the principal beneficiaries of the remaining ex-Mano funds which is the Mano business model exemplified.

Will be interesting to see how the future plays out in this lawyers and accountants gravy train arena. Will/can the Mano shareholders benefit as much as they think? Interesting to wonder if the shareholders returns will exceed the payments to creditors.

DYOR as always.
Manolete Partners share price data is direct from the London Stock Exchange

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