Member Info for FoMo

I think the writers logic is wrong:
"Additionally, the profit warning is largely as a result of the move to this more prudent approach to accounting for unrealized gains on the Income Statement. It has absolutely no bearing on the actual sums that the company will realize on its portfolio of live cases, which I believe to be largely unchanged."
If valuations are reduced then anticipated cash receipts are reduced (NB tax has already been paid on the previous "inflated" valuations)

Might be this case? [2022] EWHC 1597 (Ch) Bolton Poultry Products
hTTps://www.bailii.org/ew/cases/EWHC/Ch/2022/1597.html

Mano's original £75,000 investment described in full on page 5 of the 2020 progress report in the Companies House filings.
hTTps://find-and-update.company-information.service.gov.uk/company/05428129/filing-history

BUT judgment was handed down on 24 June - the day of the last Investor presentation - which is nearly 3 months ago.

Lawyers for the defendants were "thrilled".
hTTps://ralli.co.uk/another-commercial-litigation-success-in-manolete-partners-plc-v-dalal-ors/

Mano claimed £16m and having lost the main part of the claims paid out more in costs than small part of claim in which they succeeded.

Should this have been disclosed months ago as Price Sensitive?

I can't make the AGM on the 20th this year, for family reasons, but someone ought to be there and ask the questions.

Unless I have misread things, MANO made a loss for the year

Pre-tax Profit for year: 4508
Note 13: Increase in fair value of cartel cases 5,106
nb: Tax is paid on this non-monetary adjustment
nbb: No upward valuation of Cartel cases occurred in prior year

Not quite as clear cut as Mano would have you believe. The judgement is one where the defendant claims to also be a creditor and acting in the best interest of all creditors. The Court found she wasn't acting for benefit of all creditors as a class but trying to get away with (or delay) paying the claim against her. The judgment makes clear there are circumstances where the court WILL set aside assignments to Mano but not in this particular case.

Sorry. Typo . 21 not 28. 21+2=23

AGM

"The full Annual Report and Accounts together with a notice of the Company's annual general meeting (the "AGM") will be distributed to shareholders on 29 September 2021 and will also be made available on the Company's website at www.grci.group."

"The AGM will be held at 11.00 on Tuesday 21 October 2021 at GRC International Group plc, Unit 3, Clive Court, Bartholomew's Walk, Ely, Cambridgeshire, CB7 4EA."

Did anyone get the notice of the AGM? It is still not on the website and isn't in the accounts pdf.

Also Tuesday 21 October 2021 doesn't exist.

Has it been changed?

There also needs to be 28 clear (i.e. 30) days notice given.

Anyone know what's going on?

The "TRI" website is well worth keeping an eye on.
www.creditstrategy.co.uk/turnaround-restructuring-insolvency-news

The biggest driver of MANO business is HMRC and they have today announced/clarified further delays.
www.creditstrategy.co.uk/turnaround-restructuring-insolvency-news/hmrc-taking-lsquocautious-approachrsquo-to-help-prevent-insolvencies

Tommy, I hear what you say but IPO policy was:
14. DIVIDEND POLICY
The current intention of the Board is to adopt a progressive dividend policy. The Company intends
to pay a final dividend only for the full year ending 30 March 2019 based on a payout ratio of 20
per cent. of profit after tax which will be used as the reference point for the progressive dividend
policy (after adjusting for the undeclared interim dividend in the year). Going forward the interim
dividend is intended to be equal to approximately one third of the total dividend of the Company’s
prior financial year. Dividends will take into account the progressive nature of the dividend policy,
distributable reserves and other applicable law and the trading performance of the business.

At the call this afternoon can someone ask for explanation as to why the dividend is slashed? Is there a dividend restriction/covenant or similar in the HSBC facility?

Forensic
The CPS guidance on POCA is worth a read. It will readily apply to Covid fraud where monies have been obtained by fraud, and is much easier and cheaper than liquidation.
Also there is a need to send a message to the fraudsters, as is already happening with substantial amounts already being returned.

Can't agree with you.

HMRC will be much better off bringing criminal proceedings directly against fraudsters on the Covid support issues, and then get a Confiscation order.

Far too long winded to go down the liquidation route as a first step, and its hideously expensive with IPs, Funders and their lawyers taking 75% of any gain leaving HMRC to only ever see 25%.

Mano's "pay up before court or we will nail you as we can outgun you" in the more complex s their market.

Time to settle averages do not include the Truck claims valued at £7m+ which have at least 2 more accounting years to run. The tax already paid on that is £1.5m+ and is a large part of borrowings.

Not a problem but needs to be remembered as cases are taken on as shown in the excellent aged presentation slide.

Do not forget that cash balances are reduced because Corporation Tax is charged and more importantly has actually been paid on any and all unrealised gains that are valued and held on the balance sheet.

Noted. The fact that the Directors did not issue a RNS when they decided not to pay the license fees says more than anything else about the problem of communication.

Noted. I have the same concerns.

jimtheknow

Good to know someone else reads the smallprint.

Numbers per 2017 accounts (assuming Potter is 100% salary) equals $352,300 or 1.403 avge exchange rate.

Dutch Stanton

Noted.

Any more specific questions for the AGM? I shall be there.

Please stick to matters in the accounts and directors report as the BoD cannot refuse to answer those.

Also any questions about Potter's reappointment as director? I suspect he might hand in his 3 months notice within a week or two so I shall raise that. All questions on his suitability to be a director are allowed.

Parpaing

I agree.

Care to phrase the question for me to pose at next week's AGM?

I'll be there on the 13th