Insolvency litigation financing business Manolete Partners has announced its intention to list on the AIM market of the London Stock Exchange.
Peel Hunt is acting as nominated adviser and sole broker to the company.
The company has conditionally raised £16.3m (before expenses) from an institutional placing of 9,285,714 new ordinary shares and £13.1m (before expenses) has been realised by the selling shareholders through an institutional placing of 7,480,316 existing ordinary shares. In each case, shares were priced at 175 pence per share.
Admission to the AIM market is expected to take place on December 14, 2018, with the company having a market capitalisation of £76.3m.
Manolete was founded in 2009 and is focussed on acquiring or funding insolvency and insolvency-related claims in the UK. According to its filing with the London Stock Exchange, as at September 2018, the company had invested in 249 cases, generating gross recoveries on the 173 completed cases of £27.9m.
Manolete chief executive Steven Cooklin said: “Our reputation is founded on our ability to source and price complex legal risk and deliver outstanding returns. Our total case return on investment exceeds 200 percent, delivering returns to insolvency practitioners that are often transformational to creditor recoveries.
“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.”