Mercantile Ports & Logis... Share Discussion Threads

[escapetohome] 30/1/2020 08:23

Haa haa haa

[escapetohome] 30/1/2020 08:23

Institutions - is it time to cut and run??

[escapetohome] 30/1/2020 08:22

Down!! All time low.

[diku] 25/1/2020 08:45

What is the white gloved butler up to?...

[fft] 21/1/2020 01:05

In the meeting, pavan said there were no pictures because it was a controlled air space. I spent a while checking Google Earth and Google for airfields and military bases . Nothing came up.

[mount teide] 20/1/2020 21:51

w01 - yes, arranging the charter of a light aircraft to take photo's of the 'Port' that company RNS claimed had been under 'construction' for circa 9 months was the canary in the coal mine moment.

Shortly after we saw an entry buried deep in the next set of accounts confirming that circa 9 months previously circa £17m had been drawn down from the Bank Loan facility without any mention of it in the account headline statements - the only reference being a bank loan interest liability falling within 12 months! If that had been taken from the cash pile it would have required some explanation - so the bank loan facility was used with just a loan interest liability as the only reference.

Then, the next set of accounts about 6 months later asked the market to believe some £45m had been 'spent' since IPO on construction work we estimated should have cost £3-5m.

That's the best part of two Brinks Mat heists disappearing into the sub continent ether before the trucks had barely gained access to the site to start land reclamation!

[waterloo01] 20/1/2020 15:28

'Birdie num num' (The Party which still holds up).

I was also at that meeting and he was shocking in what he didn't know and what he wouldn't share. Arrogant as hell.

Seems to me it's the potential embarrassment that any investigation from the UK II's might bring (to the UK II's) that's kept the lights on, and the coffers refilled. Many a manager would rather see the investment fail that have the skirts lifted for all to see how they were duped. Reputation dear boy....

It will go into admin at some point and a 'white knight (or butler) will come forward a buy it at a huge discount. The banks must know they will never see their money back so will take whatever they can get.

Hats off to PJ who ws one of the 1st to see it (or should I say not see it!)

[fft] 20/1/2020 15:08

Considering he lived about 10 miles away from Mello and did not like going to India it was a bizarre performance.He once told me that when in Delhi for a couple of weeks he had gone down with food poisoning or similar and thought he was going to die. He hated the thought of Indian hospitals so persuaded his staff to take him to the airport where he got a first class ticket on BA back to London. He immediately checked himself into a private hospital for the next 7 days...

[mount teide] 20/1/2020 14:48

Apparently, Bakhshi's performance at a Mello evening is now the standard text on how not to present at one of these events.

He got a warm reception but after quickly failing to convince his audience of sophisticated investors, then made the huge mistake of openly mocking and ridiculing them by saying things like: "it was clearly a waste of time flying 6,000 miles to be here tonight" etc - Paul Scott said he had never come across such breathtaking arrogance and immediately sold after witnessing Bakhshi's woeful performance.

Bakhshi after stepping down as CEO to fight criminal proceedings in the US some six months after he was arrested on arrival at JFK airport and charged with allegedly masterminding a $300m securities fraud in the US, was immediately re-appointed as a very high paid consultant to MPL , despite holding NO Shipping or Port Industry professional qualifications whatsoever!

[escapetohome] 19/1/2020 23:14

I dont know if anyone saw Peter Sellars in the film ‘THE PARTY’ , where he plays an Indian , Mr Backshi, it is a comedy, made in 1968, i split my sides with laughter when i was younger.

In the end the party venue collapses due to the bumbling Mr Backshi.

[mount teide] 17/1/2020 09:30

So, Gandhi the decade long MPL gravy train conductor steps down but remains on the Board and Bakhshi his well trained sidekick steps down but is immediately re-employed as a highly paid Consultant!

Seemingly, there is no end to the misery and cost shareholders have to endure - in any other company these two charlatans would have been kicked into the dustbin of history long ago.

[mount teide] 16/1/2020 11:49

Jeremy Warner Allen said, "I truly believe in the potential of MPL and have full confidence that we will deliver a profitable and valuable business to all our stake holders. I have no doubt that the future will be exciting for the Company and I look forward to playing my part in growing the business and the platform as a whole."

Begs the question - What have you been doing for shareholders since joining the Board in 2018?

We note, in common with your predecessor you do not hold any shipping or ports industry professional qualifications or have any first hand senior management experience of either industry.

Consequently, as shareholders (one share each), currently holding the highest professional qualifications the Shipping and Ports industries currently examine for, and with decades of senior management experience running ports and shipping companies, we'd like to offer you a little advice in your new role.

We suggest you start by appointing a reputable Marine Civil Engineering Consultancy to carry out a cost analysis of the Karanja Port construction work completed to date and then, after pouring yourself a very large brandy, compare the figure with the carrying value that is currently in MPL's accounts for this 'asset'.

After you've finished the brandy bottle and sobered up, request the Marine Civil Engineering Consultants to then conduct a forensic audit (and give a professional opinion) on every payment over £10k made to contractors since 2012 - while they're doing that, we suggest you order yourself a case of brandy for when you read their report.


AIOHO/DYOR

[mount teide] 16/1/2020 10:42

Dear oh dear - The II community could not say they were not warned !

Delivered on silver salver to them - all of the data, and an explanation as to what's really going on and how we know that!

[phowdo] 16/1/2020 08:05

MCap still 20M.
Should be much much nearer to Zero.

[27ben] 16/1/2020 08:00

You couldn't make this stuff up! Oh! wait a moment! they just have.

[waterloo01] 16/1/2020 07:49

Yes but the company is a 'platform'. Rinse and repeat.

[diku] 15/1/2020 09:29

If you have characters aka MPL what do you expect...you can fool some of the people some of the time but not all of the people all of the time...




Geopolitical uncertainty contributed to a subdued initial public offering (IPO) market in London last year, as listings fell 56 per cent year-on-year.

In what was the capital’s quietest year for a decade, just 35 companies floated raising £5.9bn, down from 79 listings raising £9.5bn in 2018.

The number of admissions to London’s junior Aim market also fell, from 35 in 2018 to 11 in 2019.

[mount teide] 14/1/2020 16:26

1.0 million sell at 1.2p Ouch!

£2.5 million turned into £12k after 10 years of Gandhi and Bakhshi working their magic.

AIM Regulation must be beaming with pride!

[escapetohome] 13/1/2020 22:42

The really astonishing thing is that there is so much information readily available pointing to the scam.

Eg mount teides video and posts.

Yet qualified erudite institutions still believe wholeheartedly in the project. YEAR AFTER YEAR.

[pj 1] 13/1/2020 21:59

Filtered. Well known ramper on Twitter.