StockMarketWire.com - Litigation funding group Manolete said it had been largely unsuccessful on a potentially significant case relating to insolvent company Bright Futures Software.

Manolete said it was successful only on a smaller heads of claim, worth £188k plus interest, but unsuccessful on two larger heads of claim.

Its claims for the case totalled around £7m but were held in its books at a fair value £395,000 and capitalised costs of around £54k at the year ended 31 March.

The company said it was reviewing its options for appeal with its legal advisers.

'It is very rare for Manolete cases to be heard at trial,' chief executive Steven Cooklin said.

'Over the past 11 years of our operations 95% of our 263 completed cases have completed pre-trial.'

'This case had the potential for a large upside for creditors and our shareholders alike but the fair value was immaterial in our accounts.'


At 2:53pm: [LON:MANO] Manolete Partners PLC share price was -30p at 510p



Story provided by StockMarketWire.com