Change of Auditor

Manolete Partners PLC

02 May 2024

 

2^nd May 2024

Manolete Partners PLC

("Manolete" or the "Company")

Change of Auditor

Manolete Partners Plc (AIM:MANO), the leading quoted UK insolvency litigation financing company, is intending to shortly approve the appointment of a new external auditor firm to conduct the audit of the Company's financial statements for the year ended 31 March 2024 ("FY24").

The Company has had an excellent relationship with RSM UK Audit LLP ("RSM") since its IPO in 2018. One of Manolete's purchased claims, which was acquired from an insolvent company where an insolvency partner from RSM Restructuring Advisory LLP is acting as the Administrator of that insolvent company, has an approximate headline value of £15m. Even though all Administrators, Liquidators and Trustees in Bankruptcy act in their own personal capacity, given the potential materiality of that single claim, RSM concluded that this claim gives rise to a threat to its independence in conducting the Company's statutory audit. In view of this matter, they concluded that it would not be appropriate for them to continue as auditors of the Company and the Company agreed RSM would resign.

As a consequence, RSM has resigned as auditor. In accordance with section 519 of the Companies Act 2006, RSM has set out the reason for its resignation in a statement to the Company which is as follows:

"We have identified that a claim acquired by the Company during the year ended 31 March 2024 gives rise to a threat which could impair our independence in conducting the Company's statutory audit. In view of this material matter, we have concluded that it would not be appropriate for us to continue as auditors of the Company".

The Board wishes to take this opportunity to extend its appreciation and gratitude to RSM for its services to the Company.

A further update will be issued once this process has been finalised.

For further information please contact:

Manolete Partners	via Instinctif Partners
Steven Cooklin (Chief Executive Officer)
Canaccord (NOMAD and Sole Broker)	[phone]
Emma Gabriel
Instinctif Partners	[phone]
Tim Linacre

 

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