Last checked at 29 Jun 2020 11:08
29 June 2020
MANOLETE PARTNERS PLC
("Manolete" or the "Company")
Update on Judgment
On Friday 26 June 2020, Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing company, received the judgment it had been waiting for on a potentially significant case relating to an insolvent company called Bright Futures Software Limited.
Manolete's claims totalled c. £7m but were held in Manolete's books at a Fair Value of just £395,000 and capitalised costs of approximately £54,000 at the year ended 31 March 2020.
Manolete was successful on one of the smaller heads of claim (£188,000 plus interest) but unsuccessful on the two larger heads of claim.
The Company is reviewing its options for appeal with its legal advisers.
The Company's audited results for the year ended 31 March 2020 will be released later this week.
Steven Cooklin, CEO, commented: "It is very rare for Manolete cases to be heard at trial. Over the past 11 years of our operations 95% of our 263 completed cases have completed pre-trial. This case had the potential for a large upside for creditors and our shareholders alike but the Fair Value was immaterial in our accounts."
For further information please contact:
Manolete Partners:
Steven Cooklin (Chief Executive Officer) via Instinctif Partners
Peel Hunt (NOMAD and Broker) +44 (0)20 7418 8900
James Britton
Rishi Shah
Duncan Littlejohns
Instinctif Partners
Tim Linacre +44 (0)7949 939237
Catherine Wickman +44 (0)7739 342009
Lewis Hill +44 (0)7837 674600