Manolete Partn. Regulatory News (MANO)

21 July 2025

Manolete Partners PLC

("Manolete" or the "Company")

Truck Cartel Case Settlement

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Manolete Partners Plc (AIM:MANO), the leading quoted UK insolvency litigation financing company, is delighted to announce that it has settled a truck cartel claim (the "Settlement").

The terms of the Settlement agreement are subject to confidentiality restrictions; however, the Company can confirm that the Settlement will result in Manolete receiving and retaining £3.2 million (representing full reimbursement of Manolete's cost of investment and its profit share of the Settlement). The Settlement monies are due to be paid to Manolete, in full, on or before 1 August 2025. On receipt of funds, Manolete will reduce its indebtedness under its Revolving Credit Facility to its bank, HSBC UK Bank Plc.

Based upon unaudited internal management account information, Manolete's costs relating to the Settlement element of its truck cartel claims are approximately £483k. Therefore, the Settlement represents a money multiple return on the Settlement element of the truck cartel claims of approximately 6.6 times costs. That represents a cash return on investment of 560%.

The Settlement will result in a non-cash fair value write down of approximately £836k by reference to the net asset value of the Settlement claim as included in the Company's audited balance sheet as at 31 March 2025. As announced by the Company on 4 February 2025, the trial for the next wave of truck cartel claims has been delayed until September 2026. Therefore, given the opportunity to generate material and immediate cash from the Settlement, the Manolete Board decided that the Settlement represented good commercial value and an outstanding cash investment return for the Company.

The Company is a recognised leader in UK insolvency litigation finance and has consistently referred to its investment in the truck cartel claims as a one-off departure from its core insolvency litigation focus. While the Company is delighted with the Settlement outcome and looks forward with confidence to further positive progress on the remaining, ongoing truck cartel cases, it has always stressed that it is very unlikely that the Company will invest in any similar Competition Law claims in the future.

Reflecting on, and informed by, the terms of the Settlement, when preparing the Company's balance sheet at the time of its interim accounts for the six months ending 30 September 2025, the Board currently anticipates that it will reevaluate the holding net asset value of the remaining, unsettled truck cartel claims. In the absence of any further truck cartel claim settlements, or any other material developments pertaining to the ongoing, unsettled truck cartel claims, occurring in the intervening period prior to 30 September 2025, the Board expects that it will apply a non-cash write down of approximately £1.1million to the net asset value of those currently ongoing, unsettled truck cartel claims. Therefore, combined with the non-cash write down of £836k, as a consequence of the Settlement as explained above, the total non-cash write down related to all settled and unsettled truck cartel claims for the six months ending 30 September 2025 is currently estimated by the Board to be £1.9 million.

The net asset value of all truck cartel claims in the Company's audited financial statements as at 31 March 2025 was £15.4 million. Having received £3.2 million in cash from the Settlement and then applying the total combined £1.9 million write downs referred to above, the net asset value of the remaining, unsettled truck cartel claims as at 30 September 2025 is anticipated to be approximately £10.3 million.

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