Mercantile Ports & Logis... Investors - MPL

Mercantile Ports & Logis... Investors - MPL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Mercantile Ports & Logistics Limited MPL London Ordinary Share GG00B53M7D91 ORD NPV
  Price Change Price Change % Stock Price Last Trade
-0.025 -3.7% 0.65 11:00:21
Open Price Low Price High Price Close Price Previous Close
0.675 0.65 0.675 0.675
more quote information »
Industry Sector

Top Investor Posts

figtree99: When investors ever need marriage advice they will come to you. priests...
figtree99: Escape, Utilise and focus your morality energies on al BP Investors and every oil board, I may then take your comments more seriously... Bp oil spill cost: ‘Our estimated ultimate cost of the oil spill to BP is $144.89 billion (or $145.93 billion including non‐U.S.), which is more than twice the $62.59 billion reported by BP.18 Jan 2018” Imagine how many natural lives were damaged and the cost to the natural environment. The company is still listed and people still invest billions every year. Just saying... I don’t see you on the BP board telling investors not to invest in BP?
escapetohome: You might think what are your personal morals? Do you want to be associated with a scam which has bought misery to your fellow investors? Do you want to simply enrich someone for minimal work done. Do you want to support that with your money? I do not. But i agree the share price may be pumped higher, if an credible ii takes a stake.
figtree99: Mount T, Congratulations on 39yrs of marriage. Aplogies for disrespecting you. Now report the company to the FCA, as opposed to telling everthing you know over and over, what the point in that. Doesn’t deter investors, we do our own research. As for AIOHO/DYOR,why even write that? YOU know everything about this company. You have done the research for everybody. I will forward your research to the FCA, it is really insightful and colorful, hopefully that will satisfy you. That is what you want to bring the management down. All the best, I’m not here to throw ladies handbags. Good luck
diku: Lame duck so called Institutional investors who invest other peoples money...
mount teide: 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: 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
oldbanker: Interesting post, as ever Mount Teide! A question arises: What is the former MD's stake? If you'll forgive a long back-story... Before the 07-08 crisis, lots of managers were looking to list permanent capital vehicles (PCVs) of one sort or another. Fund of Hedge Funds, Structured Credit (especially CDO-squared and CDO-equity), Private Equity, Real Estate, M&A SPVs, Blind Pools, Business Development Companies (BDCs), C-Corps, etc, etc. Hardly mattered what the assets were. AIM was the preferred destination due to the low regulatory bar. As the market got "wise" to the avalanche of toxic waste, IPO investors realised they were the only ones that could effectively decide what should be IPOed vs what should be still-born. Banks/lawyers/auditors etc were all just chasing fees. So investors started applying some pretty simple principles. Managers needed name recognition (think KKR), track record (5+ years of returns with high Sharpe ratios), skin in the game (5-10% of IPO raise, and managers to pay all placement fees, rather than it being taken out of opening NAV), the ability to be fired (termination provisions for externally managed funds) and the inability to charge fees on cash before it was invested and making a return. On top of that, assets had to be already warehoused, legally committed (signed contracts) or uniquely originated. And the portfolio had to be well diversified, BBB minimum, and appropriately levered with AAA repo/bank counterparties. Based on those rules, how did SKIL ever get IPOed? Name recognition? Gandhi. Track record? 0 years. 0 returns Manager skin? ? None. Nil-paid warrants or vested stock doesn't count IPO fees? Taken out of IPO proceeds, hence opening NAV was ~95? Termination provision? None AFAIK Fees on cash? Apparently infinite in the form of T&Es for management. Warehoused assets? Honestly, does MPL even own the asset? (and if so, why is asset value so much in excess of market cap?) Leverage? I hope its zero, but does anyone know? I bet implied rating is way off BBB. Repo/Bank counterparts? Is there a JPMorgan or BOA anywhere to be found? For anyone who wants to DYOR, take a look at the US IPO market and the boom in SPAC issuance in the last 5 years. Ask yourself what the rules of the game are in the US? Look at which (if any) SPACS have made money for investors. Then take a look at AIM. The SKIL/MPL MD joined Bear in 2001 straight from uni. While at Bear, he never ran a fund or a trading book, never made a return, no track record of principal investing, no experience in corporate finance or M&A, no project or leveraged finance, no DCF or other business modelling, etc. Left for Askar at the onset of the financial crisis. Set up their Indian office (i.e. himself on a cell phone from a London hotel). A year later, he's convinced Cenkos he's CEO material for an Indian infrastructure project. Fast forward a decade, he's run out of road with the FBI and SEC, but AIM and SFO (and Crux apparently) are still backing him. Honestly, if this IPO business plan and management team was on Dragon's Den, my 14 year old daughter would shout "I'm Out" at the TV in Duncan Bannatyne's accent... God speed to all!
mount teide: Major Shareholders - Insiders and II's hold 83% of the stock. 21.8% - 414,349,000 - Karanpal Singh 18.2% - 346,934,500 - M&G Investment Management Ltd. 13.2% - 251,522,790 - Schroder Investment Management Ltd. 8.96% - 170,723,310 - Miton Asset Management Ltd. 7.57% - 144,423,953 - Canaccord Genuity Wealth Ltd 5.16% - 98,351, 262 - Nikhil Prataprai Gandhi 4.99% - 95,060,603 - Legal & General Investment Management Ltd 1.73% - 33,000,000 - Allianz Global Investors GmbH (UK) 0.74% - 14,173,913 - CRUX Asset Management Ltd. 0.66% - 12,500,000 - Henderson Global Investors Ltd PI's mostly (wisely) have given it the bargepole treatment since 2014 shortly after the market was told 'construction' of its only asset had commenced - as a result of finding out - from hiring a light aircraft to fly over the 'port' under 'development' - there was no port under development whatsoever at the site, since all access to the site was blocked by a 50 metre wide fast flowing tidal creek that was not bridged until December 2015, to enable construction machinery access. However, further investigation at the time revealed that although access to the foreshore to start the land reclamation did not commence until December 2015, it did not stop management burning through circa £45m of shareholders funds and loan drawdown during the previous 21 months - according to company accounts. On lord knows what, considering this was 80% of the winning tender offer to build the entire 200 acre port development, and all the management had to show for the money was a small bridge with a £2-3 million build cost, on a dirt track access approach road to the area of foreshore selected for land reclamation! One Fund Manager who continued to back the management after being given extremely strong evidence suggesting this could be foolhardy in the extreme, went on to lose a fortune investing in it for L&G. Incredibly, it's since come to light he STILL can't resist grabbing the Mercantile falling knife with his new company's funds, even after losing most of his fingers while at L&G, as a result of finding the MPL management had welded the falling knife to a two tonne anvil! Richard Penny's 2 Penny Stock _ Royal Bank Of Scotland 'This India-focused company lost Richard Penny lots of money while he was at L&G, but he's backing it in his new fund at Crux. Richard Penny’s new venture at Crux is a punchy offering, illustrated perfectly by his backing of a company that he “lost a lot of money on” while at Legal & General. The £10 million Crux UK Special Situations fund, launched on 1 October, will be run in a similar way to his L&G fund – high conviction, long term and with a decent exposure to small caps. Some of his former investments make appearance in his new venture, notably a tiny AIM-listed company called Mercantile Ports & Logistics (MPL). At £8.5 million market capitalisation, it’s a pretty punch call from Penny. “It’s not for widows and orphans,” he says, “but this is a Special Situations fund and it is in a portfolio that is diversified.” Mercantile is an India-focused logistics company, which boasts on its website of having “delivered several ground-breaking, mega infrastructure projects”. These include India’s first ever private sector port and logistics facility, the first private sector railway line and the first private expressway. Today, its operations are focused around the Karanja Port near Mumbai, which it says is a key gateway to trade for eight land-locked states in India. Going forward, it looks to identify other suitable locations to bolster its portfolio of ports and logistics facilities. But it’s had a chequered past. It floated back in October 2010 at 250p, and Penny invested in it during its early history. But its share price chart since IPO is scary viewing. Soon after beginning to build the port, the project saw hit regulatory issues, explains Penny. Those delayed the project substantially, and the share price fell dramatically. Two years ago, Mercantile raised £36 million by issuing new shares priced at just 10p. It came back to the market for more cash earlier this month, placing shares at just 2p. This round has been well backed by institutions, with the likes of Legal & General, M&G, Schroders and Miton, who combined own half of the business, continuing to back the firm. Penny says that’s given him confidence, as has the strength of the management team and board of directors. “We take assurance from that, for all that this is a minority sport, Indian assets on AIM in the UK – and it’s as contrarian as you’d like,” 'There's none so blind as those who will not see' springs to mind! AIOHO/DYOR
michaelsadvfn: Backhanders paid to the institutional investors to keep supporting the scam. How else could anyone justify throwing more money at this ‘project’;?
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