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Available to buy on ii for 121
What happened??
Https://www.mondaq.com/uk/directors-and-officers/1432262/directors-duties-uk-high-court-gives-further-guidance-on-creditor-duty-for-directors
Also worth a read.
Then look at the monies paid out to solicitors, barristers and liquidators in the May 2022 report - nb all lawyers uplifted by 100% with funders at 5 -6 times and liquidator at 2X hourly rates.
Case is against one director only.
Still nothing for creditors (nb it is mostly HMRC owed £35+m on a tax avoidance scheme - i.e the public). MANO not directly involved but a director is also a paid consultant to the solicitors.
I doubt it's of any material significance to Manolete. Interesting though. It seems to have failed to sell at auction last October
https://www.barnardmarcusauctions.co.uk/auctions/18-october-2023/481773/
An example of a "difficult" case to ask about at this year's AGM.
Worth following the paper trail to show the ever moving target (Russian shareholders etc) and the extended time it all takes.
On 29 Feb 2024 Mano issued a winding-up petition against Wessex Bristol Investments Ltd. [CR-2024-BRS-000023]
Companies House records show Mano made a settlement agreement way back in January 2021 against an individual and filed a charge at the Land Registry over a freehold property that was already mortgaged, Mano's interest is in the balance of proceeds after sale.
The 1st chargeholder appointed a Receiverwho resigned and was reappointed later.
No-one filed accounts so Companies House was about to strike-off the company.
Wonder how this fits on the aged case analysis, bad debts etc.?
"...but an updating RNS would certainly help!"
They usually provide a pre close trading update in mid March. No need to vary from that unless the outlook has changed,
Spot on Little Jimmy....well said
Ah yes, this board has been quiet for a while and I’ve lost track of who the good guys and bad guys are!
Although Canaccord coming out with a new lower target eps won’t help anything :-( maybe they’ll find an inventive new metric to talk up…
Surely this is the reason for the drop. Having to switch brokers because your current ones have lost interest isn’t a great look, and as Forensic says in the other thread PH are likely dumping their holdings and moving on.
So definitely not great, but hopefully only a temporary setback; let’s see if the new brokers can inject some enthusiasm
It's just fomo doing his usual lies and gloom. been caught out before on this board
I don’t understand this thread. If you search Caseload for “Manolete” you get pages and pages of results. Presumably this is just business-as-usual for them.
Interesting point Forensic, yes let’s hope it’s that!
...but an updating RNS would certainly help!
....now it is clarified that we have NOT sued our own solicitors!
Surely we should have had an RNS?
It doesn't help that Trading 212 have capped a MANO allocation to just 554 shares, so it's all one way traffic now.
At a guess: possibly it’s their former brokers Peel Hunt clearing out their stock of Mano shares as it’s now transferred to Canaccord. Nothing unusual if it’s that.
I believe it has closed at an all time low. This when they have never had a greater work load. Seems a bit bizarre
Sorry
"Taylors Solicitors" not Partners.
Streets
SH are the corporate lawyers.
Taylor Partners are an unknown entity and my question was are they a firm that acted for Mano? If they were its not a good sign IMHO. If not why is Mano suing them as it doesn't, at first glance, seem to fit the business model of assignment from liquidators?
Probably nothnig to worry about.
Why do you think Taylors are their solicitors? It says here
https://investors.manolete-partners.com/investor-information/registrar-and-advisers
that they're Stephenson Harwood.
I'm interested to know how you came across this info?
It would appear so and if correct, they must have a very good reason! Won't do much for the sp. Just what us shareholders need!
I see Canaccord have been appointed brokers. I suggested this might be the case back in November. it was clear that Peel Hunt has lost interest. I think this is (small) good news. It's good to have a new broker to talk about the stock. It was too small for Peel Hunt and they had lost money on it (theirs and their clients) so the salesmen lose interest and stop talking about it. Should be some new vigour from Canaccord. I guess they will publish a report with the trading update with some new forecasts. The numbers will be lower than Peel Hunt's stale forecasts (still up there on Refintiv) but that shouldn't be a surprise. I say "shouldn't" but you never know. I think it might well be interesting after that. I'm not sure I'd risk it going into that.
(Maybe Canaccord have already published - I haven't seen anything)
HTTps://caseboard.io/cases/2b9a992f-890d-42c1-9375-b030801f26fd
;
...a Trading Update soon. The prospects in this co's business is terrific and is at present not reflected at all in this
SP. I am quite underwater here so hope for a pretty massive turnaround. No more averaging down!