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It’s been a long time though. Could they be waiting until they have a settlement confirmed? Or is that foolishly optimistic?
....I feel pretty sure they have drafted a potential RNS on the implications of the decision in the DAF appeal result but will want the wording vetted by lawyers and accountants before it is released to the market!
There has to be significant upside at these levels. ridiculously undervalued IMO
Um that is Manolete's entire business model so the answer is "definitely yes"
These cases were purchased from other claimants, would the original bunch have flogged them off if there were any big money in them?
This actually happened almost a month ago, on 27 Feb. I assumed it would take longer so hadn't been keeping an eye out.
See for yourself here: https://www.catribunal.org.uk/cases/12905718-t-bt-group-plc-and-others
Relevant snippet:
164. For all the reasons set out above, I consider that the appeal should be dismissed on all
grounds. I should add that I have also had the opportunity to read the concurring
judgment of Green LJ, with which I entirely agree.
Lord Justice Newey
165. I agree with both judgments.
Kind of amazing that this hasn't been reported in the news anywhere! But this has to be massively positive for MANO. If they can finally get their payout from this case - and I'm not aware of any other blockers now - then they can clear their debt, invest in more cases, and even splash out on a little divi for us all!
Yes I keep wondering about this. I keep coming back to how Steve emphasised multiple times in the investor presentation last year that we could expect updates “early next year, even late this year” about the bank covenants, about the new BBL partnership, and about trading in general.
So what does it mean that this update hasn’t happened?
Did they want to wait until all the good news came together and give it in one big go? If so it’s turned out to be a poor plan. And why suggest that they would update us sooner?
Or is the news not so good, and they’re delaying telling us as long as possible? I’m sure the definitions of “material difference” and “timely manner” could be stretched this far.
I think his salary is already compensating him adequately for the “risk”.
No divis until the cartel case pays out! Until then reinvesting in cases and paying down debt are the only reasonable uses of cash.
Apology I see the founder is holding on to a big slice, and all the others feel he can carry the can.
All the more reason then for him to suggest a bit of a bumper divi, give himself a bit of a bonus for all that risk he took.
They only have to update markets on trading if there is a material difference from their last update. Therefore, you can assume the optimism illustrated at their interims should show through. But I hope we get a pre close update next week.
UpShut
"Can see why BOD never held onto very many" - I assume you mean shares. Steve Cooklin, the CEO owns 15.64% of the issued shares. What is your definition of not very many?
FWIW, over on XLM, a similarly unloved and underpriced share, an unexpected RNS today sent the price up 2x. Not saying that will happen here, but a reminder that it is possible!
.....the results are much better, then Board can and should be criticised for allowing present dive and not RNSing a few months ago with a progress report. This SP is indicating no real recovery yet and I am holding on in hope that is not true, in which case at least one head should roll!
Anyone who has held onto this share from 2019 must be loosing the will.
Can see why BOD never held onto very many. Perhaps they could start believing in the business they are paid a small fortune to keep on track?
It's a wall of red, and yet no-one is buying at these prices. Don't understand it!
An update can't come soon enough! Is this really a sub £50m business? I've taken my position and I'm saying it absolutely isn't.
But it's so hard to get any sort of reward investing in UK small caps atm.... so much liquidity has been sucked out of this part of the market.
Still floating lower, where is the trading update?
Shares are surely bombed out and reading again the half year results I really cannot see much downside from here and a lot of upside. I just wish I had waited longer to average down!
True, though in 2022 it wasn't until 11 April. So crossing fingers, but not holding breath.
....there was a trading update. Bluddy good reason for one tomorrow!!!
Very fair points Streets.
Bold. You may of course be right. But I would be wary of attaching too much weight to the company's statements. They are always too bullish - certainly in my experience talking directly to Cooklin and reading his pronouncements.
I'm no chartist but this remorseless downward trend suggests to me that those in the know are not prepared to support it.
I think it's a really interesting proposition but I'm waiting until we have some actual numbers not warm noises. I'd also like to see what forecasts Canaccord come up with. They won't want to be caught out right from the off.
SP decline is just a reflection of the company's deteriorating financial performance these last years. They stopped the divi too, meaning on top the share gets no love from income investors. It's also v possible there's a significant seller, as suggested.
Sooooo, I've done the good, old-fashioned contrarian thing and topped up. Why? 3 reasons. Firstly, I re-read the half-year Results and I detected tentative signs of a pick-up, so maybe, just maybe, this time it really will be different. Secondly, the price is so low - now 50% below my last top-up and almost 60% below my initial purchase - that I'll never get my money back unless I take a chance like this. Finally, I admit I do love a juicy contrarian punt and this rather fits the bill...
C'mon Mr Cooklin, cook us up some good results!
@tommy15 T212 just said they have "recently adjusted all of the limits". They also 'adjusted' CRL (another AIM stock) so I can't buy them either. Yes I have mirror portfolio on ii so have been buying on there, but cannot top up on T212 so not exactly a mirror any more! It does make me wonder if some manipulation is going on?
I suppose given the terrible spreads on T212, the likes of MANO and CRL have never been that attractive on the platform.
Very helpful LittleJimmy. Very grateful for these insights and data.