Member Info for martindjzz

Hi Shatter and PlastickMick
HL automatically adjusted the acquisition cost in my account and came up with a figure 10.6% higher than my own calculation. I thought my acquisition cost was simply what I had paid for the shares minus the return of capital. I put that to HL and they responded promptly as follows;
QUOTE
We distributed the original cost price of the shares between the post consolidation shares and the (now redeemed) return of capital line on a 75% to 25% basis. This reflected the split between the share price on the ex-dividend date and the value of the return of capital.
UNQUOTE
I still have not seen the calculation but I will be happy to use the HL figure when I eventually sell my holding,

Mine was also on NYSE in Jan 21. Am a tiny amount in the black and no complaints as bought it for defensive reasons.

All have free access to it Bobby. Just go to the Seekingalpha.com and search for Manolete. Of course Chuck Rhodes might be monitoring your every step!

JTS13, as somebody who knows a reasonable amount about investing but little about trading and charts I appreciate your taking the time and trouble with these posts. Thank you.

Yes, 21st January as per schedule. My ISA is at HL.

With lucky timing I sold my holding in March 2018 and have been watching for a possible re-entry ever since. But the perception of incompetence always put me off and I do not believe the current management can drive the business to warrant a higher share price than what acquirers may be thinking.

The CEO's appearance on ShareSoc's webinar on the 17th Feb should be very interesting. I'm a long term holder wondering whether it is foolish to maintain the faith I have had thus far.

Quite right Dadean. I originally bought at £3.17 before tripling my stake to bring the weighted average down to £2.08. That turns out to have been the right call, but I am still optimistic about getting into the money with my original purchase and about the prospects for anybody else who is still underwater.

What a joke of an RNS after hours. On 25th June 2017 ARW shares were priced at £4.00 and by 25th June 2020 the management team had presided over a fall to £0.91 ie amongst the worst performing shares in the FTSE 350. We are now told that the TSR measure for new Director and Management stock options merely requires that ARW matches the median of the FTSE 350. If that was not bad enough, they are using £0.91 as the starting point for the calculation compared to the more usual today’s price that happens to be £1.73. The remuneration committee are either patsies or bigger mugs than the shareholders are being taken for.

I am not expecting a quick or sharp rebound per se. But I think the price will be significantly higher than 580 in six months time based on the the strengths of Margins, ROCE and Cash position.

A harsh verdict from the market this morning showing again that highly priced companies have to grow. However I am keeping faith and will take the opportunity to top up.

Lucretius, I’ll try to help this one time only. The CFO’s review in the half year results last week explains that when a case is fully completed unrealised revenue (what you call fair value adjustments) become recognised as realised revenue and the unrealised revenues on that case are reversed. Realised revenue appears in the balance sheet as receivables and these are then turned into cash. By comparing all realised revenues booked during the 3 years to March 2020 (£21.6m) with balance sheet trade receivables at that date (£5.8m) I conclude that roughly £15.8m was collected in cash, very profitably. Do other contributors think I have all this roughly right?

Hi SurreyCarrie, I agree with your view on the potential but I would be surprised if MANO felt they were being held back. I suspect it has as much business as it can handle currently and this is one of the reasons why they are so picky about which cases to take on. I suggest they (and we) don’t want the dam of insolvencies to burst. Better would be for the rate of insolvencies to continue at a manageable pace allowing MANO to handle more of them over time!

Monkshood, yes that presentation has been on MANO’s website since February 2020. The company gives us similarly detailed information as at the 6 month point in each financial year (30th September) and subtracting each 6 month position from the end of year position enables us to get a more granular/frequent look at the conversion of unrealised revenue rather than rely only on the year to year results.

Forensic, thanks for that, I’ll track down the Liberum note.

I posted the following comments on another board before the ************* outburst but I think it is relevant.
I compared realised revenue in each of the last four 6 monthly reporting periods with the unrealised revenues booked in the preceding period.
Realised revenues were respectively 109%, 129%, 29% (in the 6 months to September 2019) and 105% for the most recent 6 month period. The average percentage has therefore been 93%.
Readers on this board will realise that this is not a scientifically robust conversion rate, but I think it will do as a rough and ready indicator of the credibility of MANO’s unrealised revenues being something we might all be worried about.
In the most recent 6 month period MANO booked £5.3m of unrealised revenue and overall debtors at the balance sheet date were £5.9m.
So I think we should expect circa £5m to become realised revenue in the 6 months to end of September 2020. If the number turns out something like that I am going to stay relaxed and bullish about the future.

Glennmartin, I have no position but had been looking at it before last week’s excitement. Now I doubt any prudent long term investor will return until the reporting of NMC full year numbers due in early March. My advise therefore is to take profits.

All, I also put my question directly to Steven Cooklin and received an impressively quick and helpful response as below.

QUOTE
The Vintages Table is the cash invested in the completed cases (predominantly legal fees) and excludes the Cartel cases. So this table gives an accurate reflection of cash out and cash in on completed cases. It also includes cash fees paid on live, uncompleted, cases (excluding all Cartel Cases) but no element of fair value is included in this table: cash only.
Whereas the Balance Sheet total is very different: that reflects the cash fees paid on all live (incomplete) cases PLUS the valuation of those live cases (about 140 live cases). The 20 Cartel cases only represent £6.2m of that Balance Sheet total.
So the balance sheet total works out at about £180k per live case.
Hope that answers your question. 
UNQUOTE

As a new boy I find this sort of responsiveness very encouraging.

I’m newly interested in MANO and the details of its operations provided by the company in its various shares presentations are re-assuring. They should make it relatively easy for us all to monitor trends. One thing not yet clear to me is how the total balance sheet investments at 30th September 2019 of £25.4m relate to the total open case investments of £3.6m shown in the Vintages Table as of 7th November. Are they saying nearly £22m is invested in the Cartel Cases excluded from the Vintages Table?