Member Info for Forensic505

Additionally: the C Shares have a mandatory conversion in just 18 months time. That is VERY little time for the new investments made in the C Shares to gain much traction and therefore any premium. Therefore when they get converted into Ordinarys in 18 months time, they are likely to covert at close to their NAV on issue. Whereas the existing ordinarys are highly rated in KNOWN historic investments. The net result is that the C Share will be rated much LOWER than the current ordinarys. Therefore the C Shares conversion rate will be very poor.

This is all fantastic news for the Ordinary Shares. The C Shares will basically be a very cheap backdoor fundraising for the current ordinary shareholders.

This means today is an OUTSTANDING buying opportunity on SSIT ordinary shares.

Thank me later xx

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.

Totally illogical for the SP to drop at all.

The C Shares are a separate pool of capital. No dilution to the SSIT Ords whatsoever.

Unique opportunity to re-buy the existing portfolio at a very big discount to the recent 230p per share last week.

Profit from their ignorance

I agree: doomloop. Forced seller.

@daltry - none other than a 45 year career working in the City of London....!

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.

Call me a skeptic but this pre-MRE period is being used by the brokers and market makers to get their "friends of the firm" into the REE shares at an attractive price.

Doesn’t change the science.

The truth always outs.

This is the science as to why this share is so very cheap:

Second year in a row they have recorded gross annual cash income at least £28m.

First MANO get their costs back (20% of gross) £5.6m to MANO

That leaves net cash from those completed cases of £22.4m. MANO take 50% of that cash profit: £11.2m.

So MANO keep in cash 11.2+5.6= £16.8m

Take off annual overheads of £6.5m cash

Leaves free cashflow of 16.8-6.5=£10.3m

The current market capitalisation is £21m.

So the market capitalisation (share price) is 2x the free cashflow. Insanely cheap on a cash basis.

Mano has a monopoly market position in the UK Insolvency Sector so it’s cash generation engine is fully secure. A huge moat.

On a cash basis you will be hard press to find any better value on any Western stock exchange than Manolete Partners PLC.

The share price should be at least 8x the free cashflow. Therefore the conservative fair value of MANO is 176p.

Funnily enough that is exactly the share price this company floated at in 2018.

So there is a 400% investment upside available here, with zero discernible downside.

No brainer buy.

MRE guaranteed next week.

In Cedric we trust ✊

What most are missing from this morning’s RNS because it’s unfortunately deeply buried in the text is:

ALKEMY HAS COMPLETED THE PURCHASE OF THE BILLINGHAM SITE

Obviously, this is a huge capex spend and working capital commitment.

CLEARLY, ALK could not have completed that highly material transaction without the CERTAINTY of IMMINENT FULL FINANCIAL BACKING.

What more do we need! 😘

I have materially added this morning because this is going to launch to the moon now and, unlike Artemis, it ain’t ever coming back down !!

@unhooked - I originally invested in this company shortly after it’s IPO in around 2019 at 220p. I sold out a couple of years later at 575.

You are obviously one of the unfortunates who bought at 400p plus and lost an awful lot of money when Covid hit. I feel great compassion for you.

That £18m WIP increase will translate into c. £10m net free cash within 12 months (max, most of those cases will be already very advanced). That will reduce net debt to zero.

You might want to grab a pen and jot some notes down. I only say these things once children.

You obviously have no understanding of their model or their numbers.

The HUGE increase in their WIP gives you a direct line onto a big wave of cash and realised profit inflow.

You shouldn’t be a shareholder if you lack the comprehension to understand these fundamental matters.

Strong progress reported in the Trading Update today.

As expected, the larger insolvency cases are coming through the numbers now. That will have a hugely positive impact going forward.

Before Covid knocked MANO off course, the Company was recording EBIT of £8m+. Thus update shows a very clear line of sight back to those levels and more. Which makes the current share ridiculously low. Time to add.

@marco777777 - exactly….

And all for a market cap of a minuscule £18m !!!

Unlucky those proud sellers 10 days ago.

You must be absolutely gutted 😭

@kd24 😂😂 - me too buddy !

My heart bleeds @Tungstenman 😂

I remember just a few short months ago, you and I were discussing Zeus’ then 4.8p fair value and SP Angel’s 13p and both of us (particularly you) getting absolute pelters. Sad that none of those haters have had the modicum of character to respectfully tip their hat to you with an apology.

Zeus: “SML has now transitioned from a speculative mineral development business to a strategically important mining company with a clear line of sight to funding, construction and production”.

I couldn’t improve on a word of that.