Update re COVID-19

RNS Number : 4906I

Manolete Partners PLC

02 April 2020

 

2 April 2020

Manolete Partners PLC

("Manolete" or the "Company")

Update re COVID-19

Manolete Partners plc (AIM:MANO), the leading listed UK insolvency litigation financing company, provides the following operational update.

We have successfully adjusted to the ongoing COVID-19 crisis. We remain fully operational, all employees in our regional offices work from home and employees in our London headquarters have been working from home for the last three weeks. Activity levels in March 2020 were high, featuring: 50 new case enquiries, 15 new signed cases and 8 case completions.

While there have been some delays in the Courts, very few of our cases go to Court and we have been conducting mediations and other Alternative Dispute Resolution meetings using video conferencing services during this current period of social distancing.

In respect of the twelve-month period ending 31 March 2020, we have achieved:

· A 131% increase in new cases (141; FY19: 61);

· A 54% increase in completed cases (54; FY19: 35); and

· Gross proceeds of £10.1m (FY19: £9.3m) for the full year; with gross proceeds in the second half of FY20 of £7.7m, compared to £2.4m in the first half.

For further information please contact:

Manolete Partners 

Steven Cooklin (Chief Executive Officer)  via Instinctif Partners

Peel Hunt (NOMAD and Broker)                                  [phone] 

Guy Wiehahn

Rishi Shah

Instinctif Partners  [phone]

Tim Linacre

Lewis Hill

 

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