Manolete Partn. Share Chat (MANO)

How is your day? Found a any companies that clubs seals for profit? Or maybe chuck a bit in a company that houses migrants? Or rib boat manufacturers?

🤣🤣🤣

Went to see dolphins in the Atlantic ocean today. Prison is not too bad.

Fingers crossed Freddie

With results being due in the next few weeks, we’ll see an uptick in interest here, in anticipation of forward looking statements GLA

Not really, turnover is vanity, profit is sanity.

Perhaps you should be looking at the sheer number of High Court cases MANO has had to start in the last 3 months, including to recover judgment debts.

caseboard.io/cases/?prod_caseboard_cases%5Bquery%5D=manolete

Just another opportunity to average down … BUY BUY BUY,

DYOR - GLA!

Record low. Ouchies

Was nice to hear from you too. I also dont get why anyone would think profiting from a general downturn in th3 economy would be a nice way to try to earn money. Seems eerily quiet in this forum these days.

So the thing about the type of bank facility that Manolete have is that it’s probably asset based lending. That’s not the same as lending on the basis of an excellent business, for instance Marks & Spencer.

That means that the bank look objectively at what assets Manolete own, the covenant value of those and lend against that.

This will be reviewed on at least a monthly basis and the bank will know, probably better than Manolete do exactly who is up

To date with the blood sucking payment plan and who isn’t. Plenty won’t be because it’s punitive.

The bank have a crystal clear helicopter view of what’s coming into the account and from where.

In the case of Manolete the assets in question are the income stream from those people who were too scared to fight and folded. Those people signed an agreement to settle in ridiculous terms by way of a monthly figure and ostensibly that commitment is backed by the idea that the “customer” in question has assets tomgo at if they default.

In the case of asset backed lending the bank are concerned that the revenue stream would amortise the debt over a period of their choice, typically 24 - 36 months, plus there would be a margin on top of the required monthly amortisation figure, and additionally, some competent person should be “tied to the chair” to collect the munny. Hence the prior condition that Cooklin couldn’t sell up.

In a healthy thriving business therefore, where the receivables are getting better and better the revolving credit line should be being increased.

But it isn’t.

My position was, and still is that the bank would pull the rug if even a small number of potential customers said GFY and refused to settle.

Oops!

There’s something else that’s always made me laugh which is that Manolete was named after a bullfighter. But the bullfighter Manolete was killed bundle bull. Just saying… lol…

Good luck all!!!! Do your own research!!!!

Yeah it’s cooked. And you lot deserve it…lol..

Apologies @BahHumbug

Those numbers (reading left to right) are for the year endings FY26, FY27 and FY28.

I strongly agree with @GoingGoingGone - really very important to see director buys now.

The Chairman (who looks like a class act - he founded Cavendish, well the good M&A bit of it Cavendish at least) has led the share buying from the front before. Top man. Now imho it is absolutely vital we see the execs especially the new CEO and new CFO put just some of their huge cash bonuses into some shares. The Remco keeps on doling out FREE shares to the CEO and CFO at ZERO subscription price. That simply cannot be right. How is that aligning the CEO and CFO to ordinary common shareholders ?? I would have hoped that the broker NOMAD Canacorrd would have stepped in to stop that bogus nonsense. We are down at 39p and the CEO and CFO are getting truckloads of free shares !

FY 27, FY 28, FY29 numbers (£m):

Realised Revs: 28,35,44

EBITDA: 3,5,8

Net debt: 11,6,2

Price/book value: 0.5,0.5, 0.4

Think we’ll get sight of this in couple months, upon full year 25 results

Interesting trading today.

We still have a very nice steady wave of blue buy trades.

However, whats changed from the last two trading days is that it now appears that the obvious seller has finished selling.

The last material sale was at 10.20am. Whereas over the previous two days trading there was a constant flow of the larger sales.

Those appear to have completely dried up now.

Should be blue skies ahead.

Very bullish statement in the RNS on Friday stating that the Board are highly confident in recovering in full the £4.7m net proceeds they are owed on a couple of debtors. At the moment they have taken no provision.

MANO historic debt recovery close to 100%, because of settlement terms with directors' are breached by the directors, Manolete simply take ownership of their family homes and sell those to recover their debts. Brutal but effective. I heard them say at previous investor presentations that they have done exactly that many times before.

In relation to the net debt that is very material. Net debt is currently £11.5m. The £4.7m is stated as the NET recoverable (ie MANO keeps all that cash).

Therefore on recovery (which they intimate could be before the accounts are signed off, which is probably around June time) that would decrease net debt from £11.5m to just £6.8m (40% reduction).

Add to that the fact that the next wave of Cartel Cases are going to trial in Sept 2026 (which should be the pressure needed for further settlements on MANO £10m of value) and this company could very easily be completely debt free and balance sheet cash positive by the time of the interims in Sept 2026.

This is another major green investment light IMHO. As ever, DYOR.

I think, more to the point, it would be very encouraging to see the CURRENT board member investing. The Chairman has been a strong investor in the shares at many points over the last few years and was buying more at the end of 2025. He will be well underwater on all those purchases currently so is well motivated to drive the share price forward.

The other board member should really back up their bullish words in the RNS on Friday will share purchases now. Especially the new CFO, of course.

Just got in from my Friday pottering job to read the optimistic Trading update.

My thinking is yes there are bad debts which arn't helping and even though this is a favourable economic climate for the busines the overall revenue hasn't reduced the debt, worse it has marginally increased.

Cooklin does hold a pile of shares, just maybe the price is low enough for him to signal that he has some belief in the outfit.

Doesn’t change the science.

The truth always outs.

* Alkemy Capital (ALK)

I never cross-pollinate chat boards but there is a first time for everything:

Alkamie Capital (ALK) is a fascinating minerals (lithium) play all being done in…Teeside!

Worth a look. The share is exploding but has absolutely miles to go.

Building up a real head of steam now.

Fully expect this to be back to 90-120p soon. Ahead of annual results March 2026.

Two weeks ago this was 43p mid price. Now up 40% to 60p.

It’s coming was an all time low. Was 120p just 4 months ago. Pre-Covid (which knocked this company for six, but which is now firmly in the rear view mirror) MANO hit 600p on more than one occasion.

UK insolvencies at an all time high and set to continue. Canaccord suggested MANO could be the standout financial recovery play.

DYOR.

Not complaining but was worried for a bit...maybe the in house broker is correct!

AI could and should help Mano streamline their processes so it should benefit Mano. It will only benefit their competitors if there are new entrants to their market, which I think is unlikely. If however the IPs who sell their claims to Mano use AI to more effectively pursue and settle their claims before selling to, and as an alternative to selling to, Mano, that could have a material effect.

That's a fair defence of the situation. You're absolutely right, MANO isn't a law firm, but I still wonder if some of their processes could be affected. I'm not smart enough to work it all out and I'm not helped by signalling from a market that is itself utterly confused and schizo on the matter...

@unhooked - that’s a very good observation, thank you.

That would of course be tarring MANO with the wrong brush. AI is a major business threat to law firms (particularly their “process driven” legal services departments such as property transactions and transfers).

As we all know. MANO is NOT a law firm. It offers no legal services at all. It buys and executes insolvency litigation. That takes a lot of human skill. Insolvency claims are messy and often difficult. Almost always, the defendants (the directors!) have destroyed the evidence against them. That is a very wide and deep moat around the MANO business model imho.

Year end approaching (end of March). I am hoping we will see some more excellent progress, building on the £2m underlying profit reported in the first half of this year. That would give some much needed support for the totally bombed out share price!!

Still drifting....

The sooner they report to the market the better.

Wondering whether news of these AI legal bots are, rightly or wrongly, adding to negative sentiment around any company involved with legal workflows, MANO included.....

As you say, still drifting downward with more record lows. Nothing in the news, and nothing from Mano, provides an obvious reason. Hmmmm.

Looking at the chart is MANO going to be going the same way as LIT?...I hope we can return to 50 plus

Forensic

The figure you quote is the Gross amount. We don't know how much of the maximum 50% less costs has laready been recorded as income.

Take off tax and you end up with a non material amount for RNS purposes - BUT I agree it is totally material to the PR story and at the moment MANO is sinking below the horizon and needs all the help it can get.

When your market cap is £20m, don’t just put details of a “£1-9m (seven figure) settlement figure” in your monthly newsletter….

That 7 figure settlement is a highly material result and must be published to the stock market first as obviously (positive thankfully) price sensitive information.

For all investors know, that single settlement represents 50% of the market value of the entire company.

The Nomad is obviously fast asleep at the wheel as well.

Just need to be patient and see if the board remember they have shareholders or are just in it for their own salaries.

Last year this time we had an update on the cartles, and then in March we got to hear the costs to maintain the RCF had been lowered slightly.

It's a big outfit, maybe one of those execs has just settled a big cash claim.

GLA.

No. I suggested it was worth 40p not the new broker who wouldn't have stayed broker for long if they were saying it was worth half the current share price

Wrong. The new broker rates this BUY with a share price target of 130p.

In December 2024 (p9 of the chats currently), Forensic505 called me psychotic. I had had a look what had happened to estimates since the new broker took over and suggested that MANO was worth 40p at most. Well it's taken a while, but we're nearly there. I then said that it was probably worth half that...

Great words Forensics for 2026.

I am going to fish around for some more cash and top up significantly before we start moving away from support levels.

GLA.

Thanks and agreed UPshunt.

I have been looking at the new board. I think the chairman, Howard Leigh is now effectively in control now. He has a super impressive background, It was his business called Cavendish (that he started decades ago) that has become the shining jewel in the quoted Cavendish Investment Bank Group - presumably that is why they changed the group name to Cavendish !

Leigh looks like a very savvy operator indeed. He's an expert in Corporate Finance (he headed up the CF faculty for the Chartered Accountants institute). So someone like him will be totally focused on shareholder value. Top bloke. I think the new CEO (Halton) is a good operator - been in the Mano business for over 10 years. Plus a new CFO who looks much better than his predecessors here, by a long chalk. I think we're in good hands - in particular led by Leigh.

Year end results not far away now. I agree - given their business cycle (2 years from taking on a case through to full cash receipt) we should now be harvesting the fruits of three years of record case investments. So net debt should be well down down and profit should be very strong.

Underlying profit was £2m for the half year with a strong message that H2 will be stellar, so I'm looking for around £5-6m+ for EBIT for the full year ending 31 March 26. On my calculations that puts the vacation of MANO at a PE of around 7x. Dirt cheap. Canaccord have a target of 130 (100% upside from here and I really can't see any downside risk at this lowly share price).

My only disappointment so far this year has been that they haven't managed to follow up with further cartel case completions since their excellent £3.2m win in 2025. Cooklin's last gift to the stockholders! If memory serves the trials are about 9 months away, so these should be very ripe to close. If they hit NAV on the cartel cases, they will extinguish all their net debt and this should look very pretty indeed.

A number of investment banks have tipped MANO to be one of the top financial services recovery stocks for 2026. I wouldn't argue with that. I have added significantly these past three weeks.

DYOR as ever and GLA.

Thanks Forensics,

Good to hear there is probably a pipline, just hoping the next trading update proves we have some of the those record case investments and the company took on the sensible options.

Anything to hack away and make the debt facility not be such a burden.

Adding yesterday & today at 58p.

Open goal.

Expect sp at an absolute minimum to be back at 95p at March 2026 year end.

There’s gonna an awful lot of new AI companies gonna formed this year but there will also be a huge amount of UK legacy companies going insolvent for the same reason!

Many thousands of UK SMEs will declare their “old” business models insolvent. Write off all their liabilities in that old co. And simply set up the AI version in a new company the next day.

MANO and Begbies (BEG) set to gain hugely from the AI industrial revolution fall out.

Happy New Year

Here's hoping for a bumper batch of settlements for 2026.

Ups.

Finally - it now very much looks like the seller has cleared. Up 7% today, with ease.

This should now trade strongly back up to 100-120p range now.

Tightly held stock (low free float) so when this one goes up, it flies ! 🚀

GLA

Looks like forced seller disappeared.

BIG BLUE BUYING BABY !

Agree that is the rule but these sales didn’t start today. They started a couple of days ago. No RNS.

The sales today - could be any major holder - they have 2 trading days before an announcement HAS to be made.

From watching the high volumes of trades the last 3 days there is clearly a new determined seller in the market. Eg the 35k sale at 55p first thing this morning.

It can’t be Conklin because he would have to announce if it was.

Could well be someone like Caledonia Threadneedle (they own under 3% so don’t have any reporting requirements). They might have bottled out seeing Conklin selling.

Once that clears I will be taking advantage of the suppressed share price to materially increase my investment here.

1. Conklin and Threadneedle selling is no reflection at all on the business itself. That is doing very well (half year underlying profit of £2m and I expect £6-8m for the full year in March 2026. Highly cashflow positive).

2. The UK economy is in a dreadful state. One more quarter of negative growth and it will be formerly in a recession. Only MANO, BEG and FRP will be the massive beneficiaries of that over the next 3+ years.

Good spot Streets.

This in an inevitable outcome whenever a Founder departs.

As I said below: it is now imperative that the rest of the board follow the Chairman’s lead and buy some bl**dy shares! It should be a no brainer. As Coolin cashes his chips in OF COURSE the price is artificially MASSIVELY deflated.

Come on board members - follow your leader ! We need your voice and then the market will follow.

This ain’t rocket science….

PS: as others below have said, another Cartel closing wouldn’t go amiss either…get the cash, kill the debt.

Meanwhile, back on planet earth, the ground is shifting under Manolete's feet and the company is falling through.

Wrong UPSHunt.

The £20k is the limit of new money you can put into an ISA pa.

The ISA could have been built up over many years PLUS gains giving it the funds to buy up to a much higher level.

Firstly you can't sell shares from your trading account directly to your ISA. Reason is an ISA allows you £20k top up per annum.

So firstly Cooklin had to sell shares to realise some cash, and then for exaclty the same £46,150 he made selling shares he repurchased those shares and they are safely tucked up in his ISA.

Two reasons I could not complete such a transaction is that I have to sign a document each time I put money into the ISA so I could put over £20k in any one year. Secondly I would have to sell the shares approximately on the bid and buy back somewhere on the ask, which would mean loosing around 8% in the process. Cooklin must know a broker who did him a favour I would say.

At least we are to be thankful he didn't ditch all those shares.

Can't believe with all the companies being forced into insolvency that Mano can't be milking something. Perhaps the game is up and the lifestyle board and legal team will have to think of new projects to keep shareholders on board. BBL haven't yielded anything substantial.

First truck cartel case looked optimistic, but hasn't got the market excited.

Case work may have multiplied but what the real value of those cases we won't know until, March.

Should one of the board actually buy some shares at these five year low prices, perhaps we could believe the company had prospects.

You are ridiculous and tedious. I won’t spend any more of time educating you.

"Manolete Partners Plc (AIM:MANO), the leading quoted UK insolvency litigation financing company has been notified that, on 21 November 2025, Lord Leigh of Hurley, Chairman and PDMR, transferred 65,000 ordinary shares of 0.4p each in the Company ("Ordinary Shares"), into an ISA by way of a sale and repurchase of some of his existing holding."

The accounts show his 148,000 shares at 31.3.25. The transfer of some of those shares is neither here nor there. It was not a new purchase demonstratiing faith as you seem to think.

Yes indeed, Sir.

First, on 21 Nov he buys 65,000 shares at 71p per share (see Director Deals above).

Then, secondly, on the same day, he sells those 65,000 to his own ISA at 71p (reference today’s RNS and Director Deals).

As helpfully explained in the RNS this morning, rather than holding the purchased shares personally, presumably and quite naturally for tax efficiency, he has transferred them (at cost) to his own ISA.

Net effect: on 21 November 2025, Leigh purchased 65,000 shares in Manolete PLC. Those are now held in his Shares ISA.

End of.

If you need any more schooling FoMo, lemme know.

Good point, Rumbers.

If Brightlight then we should see a TR1 over the next couple of days.

If a new strategic investor (which it would have to be on that number of shares) then unlikely to see a TR1 as it wouldn’t take them above the 3% notifiable interest threshold.

Interesting. Thank you.

James Emanuel on Substack makes an excellent point:" A 12‑month daily average trading volume is reported at about 63,000 MANO shares per day. So the question arises, how did Cooklin find the liquidity to sell ~1 million shares in such a short time? More particularly, who bought them? I wouldn't be surprised to see a take private attempt of this company by private equity. Maybe Brightlight Capital."

Ok so the guy who knows more about the business than anyone else has resigned and is selling his shares.

Right…. lol….

Or less conspiratorially:

He’s spent best part of the last 20 years building the company from scratch and he’s cashing a few chips in to pay for the pina colada bill.

Be careful what I said about confirmation bias. Nobody knows more about Manolete than Cooklin. Obviously i have no more idea than you why he is selling but there is "signal" in this information.

I think I'm right in saying we still don't know why he left in such a hurry.

Rumbers2:

I take my hat off to you. Tidy.

And, yes, I fully agree. In the light of yesterday’s very decent results, that AGM announcement was simply uncalled for. That set us back from a very nice ride (as you very rightly pointed to) from 80p to 120p.

We should not be back at 70p. Absent that AGM nonsense we should be at 140p.

Deep sigh of frustration….

But 72p therefore looks rather interesting.

I just pray they get their comms sorted !

There is a magnificent business here. A little more self belief might not go amiss….

A good play by you Forensic, well done! I tripped up here. Totally convinced the SP would rocket on H1 results, i purchased mine at 86p -where it had been floundering for many weeks. So now I'm without ammunition to buy at these bargain basement levels.

Previously I sold a tranche at 105p on its inexorable rise to 115p and more at 96p when the SP plummeted on that traumatic AGM update in September. As nearly all were purchased at 77p when we last spoke in early August, I can't complain too much!

Building up steadily now on a blue wave.

Good to see.

No matter what people say about the IMC presentation, I think the results were very decent. Strip out the exceptional item of £1.9m (a complete non-cash one off accounting post) and the core profit of £2m points to a very encouraging outlook.

I repeat my own personal forecast EBIT for this financial year is £6-8m which equates to a bargain basement price earnings valuation of just 5x.

But do your own research of course. Never rely on anyone else.

700k shares buy order just cleared from Level 2. Don’t yet know if it was matched or withdrawn. Will be able to see later in completed trades. Sometimes the reporting gets delayed. No idea why that happens…

Looks like we could have lift off from here.

Remember - the worse the daily news gets, the better the fundamentals for MANO gets!

GLA

Watched the Investor Meet Company session earlier.

CEO said that, on the back of the first cartel settlement (£3.m net returned to MANO), they were currently seeking settlements on ALL the cartel cases.

I therefore repeat an important element of my thesis on this company. If MANO settles all the Cartel Cases (ahead of the trial listed for Sept 2026) then I believe that MANO would then be net cash positive units balance sheet and completely free of debt. That then opens up the strong probability of dividends and/or share buy back.

Hi StreetsJ

The evidence is their results before Covid temporarily destroyed the UK insolvency market.

I was being conservative withe the £6-8m range.

For year ended 31 March 2020 (so just prior to Covid) they hit £9.5m PBT. That was up 40% from the £6.8m the year before.

The business is now very significantly larger. The size of the legal team is a good rough reckoner. In 2020 they had 10 in the legal team to process the volume of cases. They are now at 18 and the CEO has said they are adding more. So it looks like their capacity has doubled.

New signed cases, new case referrals and case completions are all around double the size of 2020.

Add to that the statement today where they say they see the avg case sizes increasing and larger realising visible in the second half of this financial year.

Finally - their cost base is pretty much fixed. Adding one or two lawyers is cheap (insolvency lawyers are cheap. They aint the golden circle types from the like of Freshfields).

Take all the above and I stand behind the £6-8m with some confidence.

With the greatest respect Forensic505 I think you have a small problem of confirmation bias. I'm not saying you're wrong - though I think £6-8m of pBT is wildly optimistic - but it seems to me that the evidence simply isn't there for your optimism.

Will be very happy for you if you're proved right.

Interims just released.

The insolvency business is clearly (and unsurprisingly) booming. Record case completions and very strong new case referrals, against very tough comparable from last year.

Another huge cash inflow figure that comfortably covers all its operating costs and all of its new investments PLUS net debt materially reduced again = impressive.

Ignore the non-cash write down on the cartel cases. That is pure accounting (and highly conservative at that) and a complete one-off accounting adjustment. They completed one cartel case recently for a net £3m+ and they clearly state today that there are other cartel settlement discussions (PLURAL) ongoing. I am expecting that the other cartel settlements will completely extinguish all the company's debt and then good dividends will resume. With MANO's near monopoly position in the insolvency litigation market, that should then be a very sustainable yield, with major upside potential on the ridiculously bombed out share price.

They really should have excluded that as an exceptional item in their profit presentation. The underlying profit was £2m. They are clearly flagging that the second half will be much stronger. I would hazard a guess around £6-8m PBT (they were at £8m pre-covid, so that makes sense to me now that covid is long gone).

In my book, that puts MANO on a PE Ratio of 6x. Which is ridiculously cheap for a company at the heart of the UK's insolvency crisis ! I think it will be debt free within 12 months and then have a utility style dividend policy going forward from there.

As ever, DYOR but this looks to have huge upside potential to me and at this bombed out share price, there is no realistic downside.

An insightful analysis with granular detail not seen elsewhere. Those figures make stark reading.

Ideally share buybacks should be in full swing at these bargain prices and puzzled they are not. Hopefully the new CFO will prioritize this after Christmas when he takes up his new post.

Thanks Forensic I always look forward to your posts!

interim results out wednesday next week.

before any of their annual or interim results announcements, i always have a quick looksee through the latest official statistics from the uk insolvency department.

the numbers i focus on are:

total company insolvencies - running at consistently 2,000 per month. during two years of covid period the monthly number was around 600…so these are now over 300% higher.

total administrations (this is the insolvency method used by the bigger companies eg sheffield wednesday, ppe medpro - mentioned by “rumbers” last comment below). current running at around 120-140 per month compared to the covid period of around 50-60. so big company busts are around 260% higher.

that is my thumb nail, *** packet, call it wot you will, crystal ball on this investment.

conclusion: mano is something like 70% of the uk insolvency market, so its addressable market has gone up 300% since covid ended….but the share price is down something like 60%….

that don’t make no sense to me !

dyor but this is a strong conviction buy for me, especially when the downside is non-existent at this share price. gla.

Now if Manolete landed a case like this, it would be manna from heaven for us all:

https://www.theguardian.com/uk-news/2025/nov/05/company-linked-to-michelle-mone-owes-39m-in-unpaid-taxes

Typo:

“IPO at 175p…”

Everyday sees new headlines of: (1) banks getting much tougher on business debt recovery; (2) after years of “softly, softly” HMRC is now taking a much harder approach on unpaid taxes (because the Treasury is desperate for the cash of course) and (3) really big insolvency fraud claims emerging (reference First Brands car parts and Tricolour car finance.

These factors should now absolutely turbo-charge Manolete. Which, itself, is a very well run enterprise. Look at the quality of their people: judges, very senior solicitors and chartered accountants. Highly impressive.

Post the firestorm of Covid (which led to the UK Government banning UK insolvencies for two years and flooding the UK corporate world with £0.7 trillion of free Covid support cash), the final thing missing from the full recovery story for Manolete has been the UK Insolvency market returning back to its normal mix of bigger (as well as their recently reported record numbers of small and mid size) cases.

I am fully expecting the now imminent interim results announcement for 6 months to 30 September 2025 to show a return of these much larger claims.

Given the very fixed operational structure of the Manolete operational cost base, these big claims will have an IMMEDIATE and very materially positive impact on the Manolete’s bottom line profits because these new cases need to be marked to value as soon as they are signed up. That is crucial for investors to understand.

Manolete then has a very impressive and consistent 16 year track record covering over 1,600 cases, of settling these within a year.

And the bigger cases pay up in cash, post settlement, very quickly indeed. Because the claims are against bigger (deep pocket entities). A great example is the very recent truck cartel settlement announced on 21 July 2025. As the RNS of that date stated: all £3.2m cash from that case is received in just 10 days. And that 100% Manolete’s retained cash. The gross settlement isn’t disclosed but will have obviously been larger than the £3.2m Manolete share. Outstanding.

The shares are ridiculously over-sold as everyone has forgotten about them after the pummelling they took over the Covid period.

They did their IPI at 175p. They hit 600p several times pre-Covid. They are currently 85-90p. Not for very much longer, I suspect. According to their usual announcement calendar, Interim trading result update should be issued anytime between now and the end of October.

This should be a really very interesting time for this company. As ever, DYOR and GLA.

Be interested if Mano has made much working with Barclays on clawing back cash from Boris loans during COVID?

Yes some of these brokers just stick their finger in the wind.

Couldn't foresee loosers not keeping agreements and paying up on time.

Good if it bounced back, without a divi though can't see it being a hot investment.

Reiteration of a 172p target price from Canaccord Genuity.

Not sure how reliable these target prices are. All the target prices given by Peel Hunt for MANO have not come to pass:

Date of Rating/Target Price (p)

Sep 2020/500

Jun 2021/420

Nov 2021/420

But the highest share price attained since Sep 2020 was about 340p.

It's weak economic growth.

Cases are slowly been completed, perhaps there are just less wrongdoers for Manolete to chase.

Number of insolvencies in the UK is in a slight decline, and we could find a little dip in 2026.

Sad but the turnover just isn't piling up.

Patience is something Manolete shareholders require in prodigious quantities.

OK results but not great. To be fair the recession is only just getting started and I am willing to be patient.

As an experienced professional in the industry it’s difficult to see a compelling case to hold . There are other competitors now and most cases Manolete picked up as first to market in the space can be handled by IPs experienced in litigation. Whilst lawyers like the model to manage their own WIP and avoid litigation risks , the slice that Manolete ask for , on the assumption it’s a very strong case , can call into question whether that route is best value for creditors . It does show a funded position in a case with no assets immediately available but unless it’s an outright purchase of a claim the IP/office holder should still control the litigation to drive the best outcome. And of course there is always the risk of litigation as evidenced by the recent litigant in person case lost . On the larger case it offers a much better outcome if HMRC will fund or at least stand behind the IP litigating the case instead of forsaking a large slice of any settlement .

Just over a month ago the CEO resigned with no explanation and immediate effect. The shares didn't budge. They then went up 40% (80p to 110p) on no news. Today we're told that things aren't going so well and the cash isn't coming in (with the exception of the cartel case) and it's still up 25%from Cooklin's abrupt exit.

It is a very strange share price to be sure.

Maybe there is a bid behind the scenes to take it private.

The key points of the update are:

1. Number of new signed cases continues to soar: up 31%

2. The average value per new case continues to rise: up another 6%

Six months is far too short a period to make any meaningful statement about case completions. Mano have always said it takes a year ,on average, to complete cases. That is incredibly fast execution in the world of law. It’s a great opportunity. I certainly have added.

I've been following MANO for the last month or so and thought I'd missed the boat when it rose to 118 having not had the cash at 90 to invest.

Any thoughts if this is just a correction to the recent rise or bigger issues given recent movements in key personnel?