Business
Further Significant Case Completion
Further Significant Case Completion.
About this update from Manolete Partners Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0481F\n Manolete Partners PLC\n 12 November 2020\n \n \n \n \n 12 November 2020\n \n \n Manolete Partners Plc\n \n \n \n \n \n (\"Manolete\" or the \"Company\")\n \n \n \n \n \n Further Significant Case Completion\n \n \n \n \n \n Manolete Partners Plc (AIM: MANO), the leading listed insolvency litigation financing firm in the UK, announces the successful completion of another of the larger cases in its portfolio of UK insolvency claims (the \"Claim\").\n \n \n \n \n \n Further to the interim results announcement of 10th November, Manolete has now completed on a further important case today realising £2.8m net cash proceeds, in line with book value and at a money multiple of 23 times the total investment costs of £120k. \n \n \n \n \n \n The Claim has been settled for £7.5m with the defendants due to pay as follows:\n \n \n \n \n \n £2.5m by 20 November 2020\n \n \n £2.5m by 31 December 2021\n \n \n £2.5m by 31 December 2022\n \n \n \n \n \n This is a Funded Claim. Manolete will receive its full costs back as a first priority share (c. £120k) and then:\n \n \n \n \n \n 50% of the next £1m of proceeds received;\n \n \n 45% of the next £1m;\n \n \n 40% of the next £1m;\n \n \n 30% of the remaining proceeds of £4.4m.\n \n \n \n \n \n Total payable to Manolete £2.8m.\n \n \n \n \n \n The Insolvent Estate will retain the balance of £4.7m. The main beneficiary will be HMRC as the largest creditor in the Insolvent Estate.\n \n \n \n \n \n This crystallises a realised gain for Manolete of £2.6m representing a 23x Money Multiple and a Return on Investment of c.2,200%. The Funding Agreement for this case was signed in the FY19 financial year.\n \n \n \n As this matter was well advanced at the time of publishing the Company's recent interim results for the 6 months ended 30 September 2020, there is no material difference between the realised gain and the unrealised gain as at 30 September 2020 on this matter.\n \n \n \n \n \n \n Steven Cooklin, CEO of Manolete, commented:\n \n \"This is another tremendous result on one of our larger portfolio cases. The previous Large Case £15m settlement announced in September 2020 was highly unusual in terms of a very long 10-year payment plan. In this more recent £7.5m completion, we will receive...