REG - Manolete Partners - Truck Cartel Case Settlement

Manolete PartnersAnnouncement

Mon 07:00

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RNS Number : 8268R  Manolete Partners PLC  21 July 2025

21 July 2025

 

 

Manolete Partners PLC

("Manolete" or the "Company")

 

Truck Cartel Case Settlement

Manolete Partners Plc (AIM:MANO), the leading quoted UK insolvency litigation
financing company, is delighted to announce that it has settled a truck cartel
claim (the "Settlement").

 

The terms of the Settlement agreement are subject to confidentiality
restrictions; however, the Company can confirm that the Settlement will result
in Manolete receiving and retaining £3.2 million (representing full
reimbursement of Manolete's cost of investment and its profit share of the
Settlement). The Settlement monies are due to be paid to Manolete, in full, on
or before 1 August 2025. On receipt of funds, Manolete will reduce its
indebtedness under its Revolving Credit Facility to its bank, HSBC UK Bank
Plc.

 

Based upon unaudited internal management account information, Manolete's costs
relating to the Settlement element of its truck cartel claims are
approximately £483k. Therefore, the Settlement represents a money multiple
return on the Settlement element of the truck cartel claims of approximately
6.6 times costs. That represents a cash return on investment of 560%.

 

The Settlement will result in a non-cash fair value write down of
approximately £836k by reference to the net asset value of the Settlement
claim as included in the Company's audited balance sheet as at 31 March 2025.
As announced by the Company on 4 February 2025, the trial for the next wave of
truck cartel claims has been delayed until September 2026. Therefore, given
the opportunity to generate material and immediate cash from the Settlement,
the Manolete Board decided that the Settlement represented good commercial
value and an outstanding cash investment return for the Company.

 

The Company is a recognised leader in UK insolvency litigation finance and has
consistently referred to its investment in the truck cartel claims as a
one-off departure from its core insolvency litigation focus. While the Company
is delighted with the Settlement outcome and looks forward with confidence to
further positive progress on the remaining, ongoing truck cartel cases, it has
always stressed that it is very unlikely that the Company will invest in any
similar Competition Law claims in the future.

 

Reflecting on, and informed by, the terms of the Settlement, when preparing
the Company's balance sheet at the time of its interim accounts for the six
months ending 30 September 2025, the Board currently anticipates that it will
reevaluate the holding net asset value of the remaining, unsettled truck
cartel claims. In the absence of any further truck cartel claim settlements,
or any other material developments pertaining to the ongoing, unsettled truck
cartel claims, occurring in the intervening period prior to 30 September 2025,
the Board expects that it will apply a non-cash write down of approximately
£1.1million to the net asset value of those currently ongoing, unsettled
truck cartel claims. Therefore, combined with the non-cash write down of
£836k, as a consequence of the Settlement as explained above, the total
non-cash write down related to all settled and unsettled truck cartel claims
for the six months ending 30 September 2025 is currently estimated by the
Board to be £1.9 million.

 

The net asset value of all truck cartel claims in the Company's audited
financial statements as at 31 March 2025 was £15.4 million. Having received
£3.2 million in cash from the Settlement and then applying the total combined
£1.9 million write downs referred to above, the net asset value of the
remaining, unsettled truck cartel claims as at 30 September 2025 is
anticipated to be approximately £10.3 million.

 

For further information please contact:

 

 Manolete

 Steven Cooklin (Chief Executive Officer)   via Instinctif Partners

 Canaccord (NOMAD and Sole Broker)

 Stuart Andrews, Harry Rees                 +44 (0)20 7523 8000

 Instinctif Partners (Financial PR)

 Hannah Scott, Gus Chipungu                 +44 (0)20 7457 2020

 

 

 

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