Member Info for MnHpartnership

As of May 10th 2025.

There are 41,040,915 shares outstanding and the board expects the base case payout to be about 10p per share. Quote from April 29th RNS: "The Directors have looked at the potential scenarios and taken advice to retain a certain amount of cash from the proceeds of the Disposals to meet its liabilities including an element of contingency. While there is potential for both upside and down side to these calculations, in its base case scenario reflecting the remaining shares in issue following the Tender Offer, the Board remains of the opinion that it does not expect there to be more than approximately 10p per Ordinary Share of returnable cash value remaining in the Company. However, shareholders should note that there can be no certainty that there will be any further distributions as part of the liquidation process."

Total cash = 35M (cash balance) + 11.2M + 1M = $47.2M = 37.7M GBP

Payments made = 14M GBP (1st tender) + 11M GBP (2nd tender) + 4.46M GBP (5.945M USD other liabilities payment after 31st december) + 3.5M GBP (1.55M USD trade payable + 3.1M tax liability) = 32.96M GBP

What is left for equity holders = 37.7 - 32.96 = 4.74M GBP / 41.05M shares = 11.5p

If we consider legal and administrative costs of 740k since Dec 31st 2024 (that does seem a bit egregious), we are left with 4M GBP / 41.05M shares = 9.7p

This does match with what they say.

Any idea on what happens to the share price after a distribution is declared/announced? (Please correct me if I am wrong: I am assuming if currently trading at 12p, and they declare a distribution of 7p, the price should drop to around 5p. My concern is if the drop happens immediately after announcement, after the distribution is made or somewhere in between?) Thanks

Method (ii): As of June 30th

Cash is +19.91M

U disposal related payment -0.58

Second payment of EU deal in October +10M

first payment of NA deal in Nov +18M (20M received -2M costs)

Third payment of EU deal in April 2025 +7.5M

Total cash = 54.83M

Acquisition liability paid in Q3 - 4M

Audit costs -1M

Non-executive directors’ pay -0.25M

Executive team pay -1M (Mr. King @0.45 + benefits + some other severance payments. However the buyer wants the entire executive team + at least 90% of non-executive employees as a part of the deal)

Listing costs -0.5M

Operating profit/loss (July to Nov) - 2M

Taxes -2M

Total Expenses = 10.75M

Total cash – Total expenses = 54.83-10.75 = 44.08M USD (downside protection for shareholders)

Outstanding shares = 262.5865M (approx. 263M)

Per share value (leftover) = 0.167 USD = 0.130 GBP

EU deal Max. earnout +5M (Not able to find any info on how this business is performing)

NA deal Max. earnout +10M (NA business was performing ahead of expectations from April to Aug – Sept PPT)

5M + 44.08 = 49.08M 10M + 44.08 = 54.08M 15M + 44.08 = 59.08M

@263M shares, value per share 0.186 USD 0.205 USD 0.224 USD

@1USD = 0.78 GBP 0.145 GBP 0.159 GBP 0.174 GBP

Method (i): As of June 30th 2024

Assets

property and equipment – 0.356

long term deposits – 0.075

short term deposits – 16.85 (first payment of EU deal 20 million - costs)

other receivables – 18.28 (10M - second payment of EU deal received in October 2024 + 7.5M third payment of EU deal to be received in April 2025 + Misc.)

cash and cash equivalents – 3.06

trade receivables – 0

intangible assets and goodwill – 0

total assets = 38.62M

first payment of North America deal in Nov – 18M (20M – 2M costs)

total assets as of December = 56.62M

Liabilities

deferred taxes 1.41

trade payables 6.44

deferred consideration 3.988

other liabilities and accounts payable 2.79

income tax provision 5.63

current maturities of lease liabilities 0.023

total liabilities = 20.28M

total assets minus total liabilities = 56.62- 20.28 = 36.34M USD (downside protection for shareholders)

Outstanding shares = 262.5865M (approx. 263M)

Per share value (leftover) = 0.138 USD = 0.107 GBP

Potential EU deal earn out 5M

Potential NA deal earnout 10M

5M + 36.34 = 41.34M 10M + 36.34 = 46.34M 15M + 36.34 = 51.34M

@263M shares, value per share 0.157 USD 0.176 USD 0.195 USD

@1USD = 0.78 GBP 0.122 GBP 0.137 GBP 0.152 GBP