leadf
logo-loader
RNS
viewManolete Partners PLC

Manolete Partners - Update on Judgment

RNS Number : 3834R
Manolete Partners PLC
29 June 2020
 

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCBKLFLBQLBBBQ

Quick facts: Manolete Partners PLC

Price: 280

Market: AIM
Market Cap: £122 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

3 min read