Mercantile Ports & Logis... Share Discussion Threads

[mount teide] 11/8/2017 22:32

troll_buster filtered

[troll_buster] 11/8/2017 21:00

.... anyway Keith95 & troll_buster are the same individual.


So feel free to filter 3 people.

Time for some more popcorn :)

[troll_buster] 11/8/2017 19:58

"This is hard work - like educating incompetent teenagers - try your post 691!"

Often helpful to refer to a post with some kind of reference clue. I often find that only weak students assume their teachers are mind readers myself :)

"Our complaint covers 2013 - 2017, and in particular 2014"

But you have only been a shareholder until 2016 so you claim.

"He does not understand or have any experience of the Shipping & Ports sector and was the wrong person to have been made responsible for the Mercantile Sponsorship."

So, you concede that the wrong Nomad according to you was appointed as Nomad - then you accuse the same person of well, [you fill in the blanks].


... and you further accuse people of being thick?

What industry are you a so called professional in might I ask - or are you currently on strike in Birmingham and hiding away from the smell of garbage by posting on ADVFN?

[beeks of arabia] 11/8/2017 18:28

Damn - I wish I had bought more popcorn!

Personally anyone who held after the initial shareholder commissioned pics were published should think about whether they are competent enough to manage their own money.

Yasx called it right....can't quite remember who was his biggest critic at the time.........

[mount teide] 11/8/2017 18:18

This is hard work - like educating incompetent teenagers - try your post 691!

'So if you were not "shareholders" at the time of the MPL placing, how can you you make a complaint about the MPL placing, and how can you then be critical of Cenkos as a result of that placing other than being a "reasonable person"?'

Now read my the first line of my post 696 again! And keep re-reading it until the penny drops!

[troll_buster] 11/8/2017 18:08

Who are you referring to? The bloke you just filtered?

[mount teide] 11/8/2017 17:44

T_B - it seems to have gone completely over your head that 96% of the value of the Company was lost prior to the placing.

Our complaint covers 2013 - 2017, and in particular 2014, a year during which there was repeated, and easily proved systematic Fraud by False Representation going on.

We and other shareholders alerted the Nomad''s representative to it on numerous occasions, only to see him repeatedly turn a blind eye to all of it. He personally, has a lot to answer for. He does not understand or have any experience of the Shipping & Ports sector and was the wrong person to have been made responsible for the Mercantile Sponsorship.

The Nomad has not got a leg to stand on - as they systematically aided and abetted Mercantile by signing off blatantly fraudulent statements without completing any due diligence worthy of the name to verify the accuracy of the statements.

How can a Nomad who regularly visited the site in India, accept the managements claim that land reclamation had been going on for a period of up to 9 months, with 400 to 500 men on site, when at the time no means of entry to the site was possible due to a 40m wide fast flowing tidal creek blocking all access - partially bridging the creek to gain initial access to the site took this totally incompetent management a staggering 18 months to complete, and saw the completely implausible expenditure of £44m (think two brinks matt jobs) before a single lorry load of reclamation material managed to reach the site!

Even in these educationally devalued times, an average grammar school pupil would have had no problem spotting what has been going on at Mercantile, particularly when we led the Nomad directly to this pile of smoking dung called Mercantile Ports & Logistics management and stuck their noses in it.

So, why did the Nomad refuse to accept clear cut evidence when it was given to them. If they had acted on it rather than aided and abetted Mercantile's management, they could have stopped the £37m fund raising in it tracks and saved further investors from an almost certain similar fate to those who lost up to 96% of their investment pre the placing.


AIOHO/DYOR

[keith95] 11/8/2017 17:42

Almost impossible to prove that someone had turned a blind eye. A nomad is a nomad not a site inspector or a building inspector.People lose money, they look for someone to blame.In this case, we are talking about people who have lost money, and have little regard for the investment of others ....... that disregard is why I'm fundamentally asking if these people promoting alleged letters are simply acting to make a few quid ...Scams work both ways ....

[waterloo01] 11/8/2017 17:01

I'll leave you to your view but the Nomad has a great deal to answer for and by the looks of it, at best turned a blind eye to significant fraud, which had they done their fiduciary duty, would have been uncovered. Not a few back handers (that's everywhere) but something closer to $100m.

[keith95] 11/8/2017 16:49

Nothing wrong with principle, and equally there is everything right in having fraudsters taken to hand. Difficult to do anything about a person living in India from the UK ... as it will be difficult to do anything about the EU once we are out.

It strikes me that the Nomad here has covered their bases. What investors seem to want is for Cenkos to act as the project manager for the venture. That is not their job I'm afraid.

This project clearly needed a project manager - but who pays for it? Not the Nomad because they are tied to the company - so that has to be up to the shareholder to do their own due diligence with the reporting.

So throwing blame at the Nomad, while easy, must be reasonable, and when you have TW on shareprophets referring to a "score to settle" with Cenkos - just not helpful at all.

My wife has run events at the Taj Mahal in India - When she arrived for the first event, the hotel asked if she wanted chairs and tables at her dinner. Ka Chung ... a few more quid. The day before the event, they asked her if she would also like knives and forks to eat with from that table .. Ka Chung ...

Business is run very differently out of the EU ... which is what the UK will learn.

[waterloo01] 11/8/2017 16:25

Well I was a shareholder and am delighted Mounte Teide has taken them to task. I know other ex and current holders feel the same. Sometimes it's a matter of principle.

[troll_buster] 11/8/2017 16:11

In that case, you were not shareholders at the time of the placing correct?

So if you were not "shareholders" at the time of the MPL placing, how can you you make a complaint about the MPL placing, and how can you then be critical of Cenkos as a result of that placing other than being a "reasonable person"?

and more importantly:

what loss have you incurred as a result of the placing?

Seems to me that loss was before the placing so you need to focus on that. Since you already suspected fraud, did you write to major shareholders or attend the AGM to put forward a case to stop the placing in 2016?

You could have done that too, why didn't you?

I am afraid you are not making sense.

[mount teide] 11/8/2017 15:56

Not inconsistent at all troll buster.

We sold out our SLP positions as they were then in H1/2016 and, then took 10 share holdings in MPL, after the £37m Placing and Open Offer, so one of us was eligible to request a video conference meeting with management in early 2017, after the Placing Shareholders Circular predictably, proved a work of fiction.

This meeting went ahead in April, and proved very productive and incredibly valuable to our case.


AIOHO/DYOR

[troll_buster] 11/8/2017 15:26

Mount Teide - Seems to me that Keith95 asked some very legitimate questions ....

For example:

"For the record, we currently hold ten shares in Mercantile Ports and Logistics and ten shares in Cenkos securities - both predictably are underwater !"


"Two friends and I, all longstanding industry professionals, collectively held over 500,000 shares prior to selling out last year"


Refer to two statements that you made which seem inconsistent.

Consider yourself "Busted".

[mount teide] 11/8/2017 15:16

keith95 - consider yourself honoured - you have become only the second person i have ever filtered on Advfn - your sheer incompetence and lack of knowledge is breathtaking, for someone who apparently claims to be a former Oxbridge researcher - simply beggars belief.

[keith95] 11/8/2017 14:32

Amber who? Try to be clear.

You evaded one question, and have already made yourself look incompetent by "suddenly discovering" a screen dump.

If your "web" evidence is indeed weak - why post the letter on ADVFN?

... I suggest more likely a Tigger Global ... is the motivation here.

Profiting from the deceit of another, maybe?

Legal I understand but morally as bad as a fraudster in my view.

[mount teide] 11/8/2017 14:13

"A friend recalls the Mercantile Placing being included in an earlier listing but, it since has mysteriously disappeared."

Correct, and after checking our Mercantile file which now contains over 200 pages of material, he found a copy of the screen shot.

Considering its extremely low importance to our case, i would suggest you concentrate on the real issue - how some of the Company Statements supposedly verified by the Nomad prior to signing off, strongly suggest Fraud by False Representation has occurred, as a result of a Nomad, that repeatedly failed to carry out even the most basic due diligence.

AIOHO/DYOR

I suggest you speak to Amber, i'm sure she will be only too pleased to help you stop making a fool of yourself, considering the seriousness of the matter.

Ps you're correct, we did't write a letter to her, we have in fact written 6 letters to her alleging Fraud by False Representation, together with where to find the evidence to support our claims.

[keith95] 11/8/2017 13:35

Shall we go on?

An alleged letter to Amber fro Cenkos - You claim to have written:

"A friend recalls the Mercantile Placing being included in an earlier listing but, it since has mysteriously disappeared."

You wrote to me:

"We have in our file a printed hard copy of the Cenkos website Transaction list from January 2017 - no prizes for guessing what company appears on it as a November 2016 Placing entry?"


So are both statements true or only one or none? If both statements are true, then yesterday a friend thought that the Mercatile placing was on the Cenkos listing hence your letter, but you also have a hard copy of that placing since January - so why would you mention a friend to Cenkos in your letter.

Of course your wording doesn't actually say that you have a printed copy of MPL placing on Cenkos Web site .. but that I assume is what you wanted me to think ...

So why would you do that?


I trust you can see my problem ....


I look forward to your reasoned explanation of what look to me to be a bunch of total fabrications .... I do hope I am wrong :)

[keith95] 11/8/2017 13:30

... oh dear .. so prey tell me .... Mount Teide: You wrote:

"For the record, we currently hold ten shares in Mercantile Ports and Logistics and ten shares in Cenkos securities - both predictably are underwater !"



"Two friends and I, all longstanding industry professionals, collectively held over 500,000 shares prior to selling out last year"

Were those 500,000 shares in MPL? You don't really say - so these shares could be in another company and nothing to do with MPL ...

.. in which case you have 10 shares in both MPL and Cenkos ... why would you do that - and why might you want someone to believe you sold 500,000 in MPL at a loss?

Not very professional is it - or if it is professional are we sitting on the boundary of legitimate news with an intent to deceive? An interesting question no?

[mount teide] 11/8/2017 13:09

'Cenkos may suspect problems but that is not the same as KNOWING'

Really? We would suggest otherwise, since as industry professionals we have repeatedly brought to their attention, blatant falsehoods and/or attempts to misled investors by way of Mercantile Statements, that were so crudely crafted even Stevie Wonder could spot what was going on. Cenkos's Mercantile account representative, holds no formal Shipping and Ports Industry professional qualifications or any relevant Industry operational experience or technical knowledge and its shows! Repeatedly, we saw no action taken concerning our complaints, until we recently involved the Compliance Executive and FCA. Throughout, the Nomad representative in our opinion, acted more like Mercantile's Defence Counsel than someone fully conversant with a Nomad's responsibilities.


FYI - we have submitted formal complaints to the Nomad and its Compliance Executive, the AIM Regulator and more recently the SFO, since in our opinion there is no plausible explanation for the rate of cash burn that has occurred since 2013, and the extremely unsophisticated way it has been reported, by way of Company Statements.

Remember this statement - "Mercantile had to raise the extra £37m once it became apparent they did not have sufficient funds to complete the full reclamation of 200 acres in one phase - otherwise the Company would be in contravention of the terms of the IPO' It was made by the Nomad's representative to justify the Nomads support for the Placing and Open Offer - we predict it will come back to haunt Cenkos - because between June 2016 and Jan 2018, despite raising these funds in November 2016, to ensure sufficient cash was available to complete the 200 acres of land reclamation in one phase, just 15 additional acres of land will have been reclaimed, taking the figure up to 90 acres, which is just 45% of the total to be reclaimed.

During this time period - the same principal contractor working just 5 miles away at India's largest Container terminal, reclaimed 225 acres of land in fast flowing tidal waters up to 21m deep, including working through two complete monsoon seasons without little discernible reduction in the overall rate of progress.

Karanja LAND Reclamation activity July 2016 through to Jan 2018

June 2016 - 75 acres completed out of 200 acres to be reclaimed - market shortly afterwards made aware additional funds would apparently be required to complete construction

H2/2016 - NO LAND REC WORK - despite claiming in the Placing Docs to expect 65 acres
H1/2017 - 15 acres completed - despite claiming in Placing Docs to expect 60 acres
H2/2017 - NO LAND REC WORK

Jan 2018 - 90 acres completed in 4 years!

How does that tally with the Nomad's comment that the extra funds had to be raised once Mercantile became aware they had insufficient funds to complete the 200 acres in one phase!

Either the Nomad representative was lying when he said Mercantile WERE FORCED TO raise the extra £37m to comply with the terms of the IPO, TO ENSURE all 200 acres were RECLAIMED IN ONE PHASE, OR THE COMPANY aided and abetted by a clueless NOMAD, that could't see beyond it's placing fees, saw it as a ruse to raise additional funds that they had little intention of using for the purpose the Nomad said the funds were raised for.

It cannot be both - either way it does not look good for the Nomad.

AIOHO/DYOR

[mount teide] 11/8/2017 10:33

keith95 - you're completely out your league, making inane comments about subjects you have little knowledge of.

Two friends and I, all longstanding industry professionals, collectively held over 500,000 shares prior to selling out last year at a considerable loss due to proving that many Company RNS Statements and Results Statements contained claims that were completely false.

AIOHO/DYOR

For the record we do not short - if we did we could have made £millions from Mercantile!

[keith95] 11/8/2017 10:20

"Why is it a trick? A shareholder is a shareholder simple."

I recollect TW buying 10 or so shares in QPP to try and attend the annual shareholder meeting in 2014 ....

... the "trick" is IF the purchase of shares beholds a hidden agenda to make an independent point and perhaps to make a profit by other means ....

... for example, by deliberately spouting dire information that might knowingly lead a third party to make a profit ...

..... all in my very humble opinion etc. :)