Mercantile Ports & Logis... Share Discussion Threads

[diku] 09/12/2020 20:44

If they wanted to do a wash rinse and spin cycle all over again then...how about a share consolidation followed by a share Placing?...round 2...

[dave4545] 03/12/2020 18:05

12 million at 0.2494p

£30k

Interesting, I'm not disagreeing with anybody on here, it's been a scam since day 1 but a director buy then a trade like this ??

[mount teide] 02/12/2020 12:48

Another Placing???? At 99.92% down from the 2010 IPO for a straightforward real estate project!

Former Exec Directors Gandhi and Bakshi got rich from going on tour around the City with material like that for over half a decade as a Laurel and Hardy Tribute act !

The clueless 'blue chip' 'Institutional Investors so loved their regular placing rogerings, they cheerfully continued to take them despite highly compelling evidence to the contrary - some liked them so much they have just celebrated their 10 year rogering centenary.

With the benefit of hindsight the Shareholders Document for the £37 million October 2017 Placing and Open Offer reads just as some industry professionals said it did at the time - as one of AIM's greatest ever works of FICTION. Hopefully, our comments helped some PI's avoid a 98% haircut since that placing - which itself was a 96% discount to the 250p IPO price.

[my retirement fund] 02/12/2020 11:01

I don't think they would get away with another placing, even a death spiral finance advisor wouldn't touch this one!

[phowdo] 02/12/2020 10:47

He probably drew the short straw in an attempt to pump the price ahead of the inevitable placing.

[my retirement fund] 02/12/2020 09:48

Lord Flight is probably worried he may be seen longer term as one of the guilty parties once this one kicks the great scam bucket in the sky. He can tell his mates he never knew anything about it, honestly guv jeez i even had some of them in my pension! Those scoundrels, what what what !!!

[waterloo01] 02/12/2020 07:40

£10k is all a bit token.

[mount teide] 21/10/2020 19:22

This is what The Sherrif of AIM had to say last year - unsurprisingly, the valuation has since dropped 85%.

Mercantile Ports & Logistics – how do AIM and Nomad Cenkos put up with the stench?
By The Sheriff of AIM | Monday 18 November 2019


'Okay AIM is loathe to boot off any company given how the World’s Most Successful Growth market is shrinking and Lagos Securities just wants retainers so will act for anyone, I answer my own question. But even by the standards of the AIM Cesspit, surely there comes a point where one says “enough is enough.”

We have demonstrated time and time again how Mercantile Ports & Logistics (MPL) has misled investors regarding the port it plans to build in Bombay as you can see HERE and have also noted how the chairman Nikhil Gandhi keeps on getting caught up in major financial scandals.

A kind reader alerts me to one I missed from late July. According to a fine online publication in India, The Business Standard: “Continuing its crackdown on those involved in the Infrastructure Leasing & Financial Services (IL&FS) fiasco, the Enforcement Directorate (ED) has searched homes and business premises of at least four industrialists for alleged irregularities in loans taken by them from a financial subsidiary of the beleaguered company.

Rishi Agarwal, promoter of ABG conglomerate, C Sivasankaran of Siva Industries, Nikhil Gandhi, executive chairman of SKIL Infrastructure, and Viren Ahuja, promoter of Flemingo Geowork were searched by the ED. The search operation was conducted at multiple locations.”

Of course a man is innocent until proven guilty. But in the past Gandhi has ended up the wrong side of legal investigations. I know Cenkos will act for anyone but does AIM still insist that Gandhi is a fit and proper person to be a chairman of a listed entity? And if so then who is not?

At 1.5p to sell, down from 12p three years ago, the stance remains sell. This stock is utterly uninvestable, it is simply not investment grade.'

[my retirement fund] 21/10/2020 15:29

Has no one been arrested for this scam yet ? The whole thing is absurd and brings shame on the London stock exchange, all of its members, investors and infact any party connected with the British financial community

[mount teide] 21/10/2020 11:02

Debt repayments: £15.1 million of payments to be repaid in the 2 year period from 1 January 2020 too 31 December 2021 !

Then after that there is only another circa £75m of loan capital and interest left to repay over the following 5 years! Lol!

The 'Board' could go on tour with material like that !

[mount teide] 21/10/2020 10:51

Results/Revenue exactly as we predicted.

Why oh why didn't the SFO and Market Regulator do their jobs and act on the mountain of evidence and catalogue of red flags to shut these shysters down many years ago.

They've raised in equity and debt nearly £200m and blown through circa £185m to build something that would have cost around £30m at best in Europe, never mind India!

With respect to much of the Blue Chip Institutional shareholder register - you were warned in the strongest possible terms three years ago what was going on here and arrogantly dismissed the evidence or were simply unable to accept what it was telling you, despite having it presented on a silver platter and explained in detail.

Never has the phrase "A fool and his money is soon parted" been more apt!

AIOHO/DYOR

[michaelsadvfn] 21/10/2020 07:10

£2m in admin costs, 155k of revenue... hell.

[waterloo01] 30/9/2020 14:51

The year end financial report tells you a number of things, including they will be using it to raise more funds from the unsuspecting.

Going concern staetment:

Basis for qualified opinion
The group holds cash in a bank account in India, with a balance of £4.8 million included within cash and cash equivalents in the consolidated statement of financial position as of 31 December 2019. We were unable to obtain an
external confirmation from the bank in respect of this account and were unable to obtain sufficient appropriate audit evidence regarding the bank balance using other audit procedures.. Consequently, we were unable to determine whether any adjustments to this amount were necessary.

Material uncertainty related to going concern
We draw attention to the going concern note within note 2(a) in the group financial statements, which indicates that the directors’ assumptions of the effects of Covid-19 on the Group’s operations will lead to a material reduction in the Group’s
revenues and results for 2020. This could result in the breach of banking covenants unless a waiver agreement is reached with the lenders. As stated in the going concern note within note 2(a), these events or conditions, along with the other
matters as set forth in the going concern note within note 2(a), indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In concluding that there is a material uncertainty, our audit work included, but was not restricted to:

• Assessing the construction, integrity and accuracy of the model used by management for the purposes of cash
flow forecasting;
• Agreeing key inputs into the model, such as revenue and cost assumptions, to underlying budgets and forecasts approved by the Board;
INDEPENDENT AUDITOR’S REPORT
to the members of Mercantile Ports & Logistics Limited
• Challenging the appropriateness of key judgements and key assumptions made in the group’s cash flow forecast
model, including the appropriateness of the sensitivities used during the forecast period;
• Assessing the projected level of liquidity headroom in the group’s cash flow forecast model over the going concern
period;
• Assessing compliance with financial covenants during the forecast period; and
• Challenging management on the sufficiency and appropriateness of the disclosures within the notes to the financial
statements.

[soultrading] 28/9/2020 08:18

"I believe that we are well positioned in every way to perform strongly as restrictions are lifted and trading conditions improve."

[phowdo] 28/9/2020 07:54

"As stated in their audit opinion, our independent auditor was not able to verify a closing balance of GBP 4.8 million on December 31st 2019 from one of our bank accounts in India."

Oh dear.

Current revenue wont even service the interest on the debt once the covid deferral is over.
Unless all those promised contracts come in - which knowing this lot they wont.

[dplewis1] 28/9/2020 07:04

Oooh they actually made the deadline!

[diku] 27/9/2020 22:09

Lots of expenses to add up taking time?...

[dplewis1] 24/9/2020 12:22

Amazing really, how many times can they extend? I was tempted to have a punt but it might get suspend by the middle of next week so not exactly encouraging!

[escapetohome] 21/9/2020 23:05

Well September is nearing completion folks, how much am i bid for another extension?
2 to 1 favourite.

[diku] 21/9/2020 08:50

Hearing in the news money laundering in banks went unnoticed...

[tansulondon] 09/9/2020 12:56

Seems to be another organised pump of MPL on twitter and LSE board, leaving all negativity on page 2 or 3.

[diku] 07/9/2020 20:37

Bollywood movie?...