Manolete is pleased to announce its intention to apply for admission of its shares to trading on the AIM market of the London Stock Exchange and associated placing. Peel Hunt LLP is acting as Nominated Adviser and Sole Broker to the Company. Admission to trading is expected to occur at 8am on 14 December 2018.
Admission to AIM will enable Manolete to accelerate its growth plans via facilitating additional investment into claims and the further development of its UK network. Post Admission, the business will benefit from significant additional capital: £16 million of gross proceeds from the Placing together with an increase in the Company’s existing credit facility with HSBC, from £10 million to £20 million.
Steven Cooklin, Chief Executive Officer, commented:
“When we started in 2009 Manolete was a pioneer in the then nascent market for financing insolvency litigation claims in the UK. Since then we have built on our first mover advantage, becoming a major player in the insolvency litigation financing market, benefitting from extensive relationships with UK Insolvency Practitioners and their legal advisers.
“Our reputation is founded on our ability to source and price complex legal risk and deliver outstanding returns. Our total case ROI exceeds 200%, delivering returns to IPs that are often transformational to creditor recoveries. This alignment of insolvency creditors’ and Manolete shareholders’ interests is fundamental to the success of our business.
“This is an exciting time for the company. There is now a real opportunity to rapidly build on our achievements and I’m confident that our IPO will act as the catalyst for accelerated growth. We are greatly looking forward to life as a listed business and delivering on our plans.”