Mercantile Ports & Logis... Share Discussion Threads

[phowdo] 28/3/2018 08:59

4.25 million shares dumped at 2p a couple of days ago. Someone wanted out at any cost.

[sweepie2] 27/3/2018 19:14

Thanks to all who post warnings about this stock it stops the unsuspecting not to dabble

[mount teide] 27/3/2018 12:53

Here's the latest major shareholder lists:

Legal & General Investment Management Ltd. - 69,965,097 - 16.9%
Schroder Investment Management Ltd. - 68,621,818 - 16.6%
M&G Investment Management Ltd. - 60,634,550 - 14.6%
Hargreave Hale Ltd. - 35,386,363 - 8.55%
Miton Asset Management Ltd. - 20,210,325 - 4.88%
Henderson Global Investors Ltd. - 12,500,000 - 3.02%
Norges Bank Investment Management - 849,346 - 0.21%


Many are down 99% from the £73m IPO and 75% from the £37m November 2016 Placing - collectively II's have put well over £100m of their clients investment cash into the hands of Gandhi and his 'management' team!

For a sobering experience, as in 2016 and early 2017, I suggest again they appoint a port development industry professional to carry out an asset valuation of the Karanja site.

However, if they do elect to take this sound advice, before they compare the valuation with the MPL management's reported carrying value for the Karanja 'Port' development, I suggest they first sit down and pour themselves a very large scotch. Additionally, if any of them suffer from high blood pressure or a heart condition I would suggest they refrain from reading the report altogether and remain in blissful ignorance for health reasons.

Interesting to note after the appointment of our noble Lord Flight to help get the £37m placing away in the City, like Nik-it-all he has been most conspicuous by his absence - suggesting that with his job now done, he has elected to keep his head below the parapet, content to continue collecting his £45k a year until the lights get turned out.

[mount teide] 26/3/2018 20:55

barbelsue - how wrong can you be? Have never shorted a quoted company in my life!

Appalled at the self serving behaviour of a nauseatingly disingenuous, breathtakingly arrogant management - utterly determined to take UK Investors for another £37m of their pension investments - simply posted some of the research of three port and shipping professionals (and ex MPL shareholders who each lost a significant 5 figure sum), that we sent to AIM Regulation and the SFO with a request for an urgent investigation of the Company and its management.

Put some of our technical research on here in what we hope was relatively easy to understand layman's terms, in the expectation that it would encourage shareholders and the wider investment community to look much more closely at the behaviour of a management entrusted with £110m of investors hard earned investment cash.

If you go back to November 2016 - the posts we made then predicted chapter and verse what has unfolded to date - rather than the mostly inane nonsense put out by the management in the 31st Oct 2016 Shareholders Circular to raise £37m and many subsequent company statements.

AIOHO/DYOR

[my retirement fund] 26/3/2018 19:47

I doubt anyone shorting needs to close out as these will pretty shortly close themselves out at zero pence!

[mount teide] 26/3/2018 12:15

Apparently, management of the Taj Mahal Hotel in Mumbai claim there is no truth in the scurrilous rumour currently sweeping the City that one of their white gloved butlers has been shorting MPL since 250p.

[phowdo] 26/3/2018 11:50

No official comment on the 40% slide in shareprice over 2 days - perhaps the directors are on their bi-annual 6 month "monsoon" break...

[mount teide] 26/3/2018 11:09

Cenkos on the bottom of the bid at 1.8p speaks volumes !

[my retirement fund] 26/3/2018 10:33

Actually these can half again then again and then again and then again add infite item

It could even be trading fractions of a penny soon. That said i'm sure it will delist fairly soon whatever imo

[marvelman] 26/3/2018 09:23

This painful journey has almost reached the cliff edge and a short drop into oblivion can see the end of this sorry episode.

[glennborthwick] 26/3/2018 00:56

yes but instead of spending 10 rupees you have to book a £5000 flight and a £800 a night hotel room but you get the mini bar for free

[diku] 25/3/2018 23:41

Any more coke or sprite left?...

[pj 1] 25/3/2018 21:35

''There is a time to laugh and a time not to laugh, and this is not one of them.''

[diku] 24/3/2018 18:34

What is the difference between pre-occupation & no good?....or is it a diplomatic resignation?...


JPT Securities - 18th March 2018 - Issued the following statement: 'we hereby inform that Mr. Nikhil Gandhi, Director of the Company has tendered his resignation with effect from March 15, 2018 due to pre-occupation."

[mount teide] 24/3/2018 15:09

Alleged Pipavav warranty breach - knowing as MPL shareholders do, Gandhi's huge propensity for extreme economy with the actualite - its possible to conceive a whole host of serious warranty breaches that could have very substantial operational, commercial and financial significance to Reliance and the future commercial viability of the shipyard business.

Consequently, it does not surprise me in the least Reliance has elected to go down the arbitration route to keep details of the alleged warranty breach confidential.

[mount teide] 23/3/2018 16:00

While arbitration is a formal process and can follow similar procedures to court proceedings, in most cases, it is a more efficient and economic exercise than litigation. It is also CONFIDENTIAL.

Considering that Reliance declined to disclose details about the warranty, allegedly breached by the seller; it suggests the claim may have a significant commercial sensitivity, which Reliance, successful or otherwise, would rather keep confidential.

[oliwin] 23/3/2018 15:36

Looking at this arbitration against Nikhil Ghandi, it looks odd! Why would someone arbitrate 3 years after buying the company. Also there is a link that Ghandi has launched a much bigger counter case.



Cites breach of a purchase agreement signed in 2015
Nikhil Gandhi-led SKIL Infrastructure Limited (SKIL Infra) has issued notice to Anil Ambani-led Reliance Infrastructure (RInfra) and Reliance Defence Systems Pvt. Ltd. (RDSPL) claiming losses of Rs. 8,310 crore, citing breach of a purchase agreement signed in 2015.


Arbitration mechanism

“The company has issued notice to RDSPL and RInfra towards breach of the purchase agreement dated 4th March 2015 entered into with RDSPL & RInfra (PA) and have claimed losses of sum of Rs. 8,130 crore, and with a further right to claim, failing which the company shall address the issue by way of arbitration mechanism to recover its dues,” SKIL Infra said.

The notice was issued after RInfra served an arbitration notice on founder-promoters of Pipavav Defence and Engineering Limited (PDEL), seeking indemnity of Rs. 5,440 crore for breach of warranties under a purchase agreement.

Responding to a notice from Anil Ambani firms, SKIL Infra said: “We hereby also inform you that the company and its subsidiary have received arbitration notice from RDSPL & RInfra towards alleged breach of terms and conditions of the purchase agreement.

The company has denied any breach of the said terms and conditions of the purchase agreement and has decided to effectively defend itself during the process of arbitration.”

[pj 1] 23/3/2018 12:56

And the bizarre appointment to the Board of Jay Mehta, the previous operations manager who had produced absolutely nothing of any worth, when in reality he should have been dismissed as a) he wasn't needed b)ineffective.

[mount teide] 23/3/2018 12:49

Investing in quoted companies is effectively a vote of support for the management team.

II supporting a £37m placing in a company at a 96% discount to the IPO price for a real estate project still run by the same Board from IPO, and who had repeatedly lied to shareholders and the wider Market, would make Bernie Madoff roar with laughter!

[mount teide] 23/3/2018 12:29

Some interesting news issued late last week by JPT Securities - The Company is a Non-Banking Financial Company which mainly deals in capital market and financial services.

Looks like the three Independent Directors had enough of seeing Gandhi's face on the front pages of the Indian Business News for all the wrong reasons and told him to fall on his sword!

JPT Securities - 18th March 2018 - Issued the following statement: 'we hereby inform that Mr. Nikhil Gandhi, Director of the Company has tendered his resignation with effect from March 15, 2018 due to pre-occupation."

[mount teide] 23/3/2018 11:58

Reference the arbitration notice served on Gandhi citing breaches of warranties and representations at the time of the sale of Pipavav Defence & Offshore Engineering - it is interesting to note that the buyers have slapped in a claim for more than double the entire purchase price such is the scale of the alleged breeches of warranty and representations.


'The amount claimed by Reliance Infrastructure is more than double of the Rs 2,000 crore it paid for acquisition of Pipavav Defence & Offshore Engineering in 2015.

“The company has discovered that there have been serious breaches of warranties and representations made by the founder promoters. As per the share purchase agreement we are entitled to claim the loss caused, in an arbitration. The company is convinced of the breaches discovered and is therefore compelled to enforce its rights,” a source close to Reliance Infrastructure said.' Times of India


The shipyard buyers like SPL/MPL shareholders have quickly found to their cost the Gandhi crew don't do anything by halves!

[waterloo01] 22/3/2018 22:56

You have been consistent that is very true.