Dear Shareholder,

We are writing to inform you that the board of Manolete Partners Plc 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 RSM insolvency partner 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, a full copy of which is provided overleaf and 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”.

Yours sincerely,

Manolete Partners Plc

The Directors
Manolete Partners PLC
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
England
SL9 7QE

17 April 2024

STATEMENT IN ACCORDANCE WITH S.519 OF THE COMPANIES ACT 2006

To the Directors of Manolete Partners PLC

Statement in accordance with s.519 of the Companies Act 2006 to Manolete Partners PLC (‘the Company’) – Company Number 07660874 on ceasing to hold office as auditors

In accordance with section 519 of the Companies Act 2006, the reasons for, and matters connected with, our ceasing to hold office that we consider need to be brought to the attention of members or creditors of the Company are 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 last financial statements of the Company which we audited were for the year ended 31 March 2023.

Yours sincerely
RSM UK AUDIT LLP
25 Farringdon Street
London
EC4A 4AB
Registration number 3341