Mercantile Ports & Logis... Share Discussion Threads

[escapetohome] 03/4/2020 15:39

Even brave hardened punters will not take a gamble on this one.

Leave it to respectful city institutions.

[mount teide] 03/4/2020 14:46

Now down 99.8% post IPO - after raising nearly £150m from clueless city institutions and £50m via a bank drawdown facility. And yet, still to generate and report any meaningful revenue from the 10% of the facility developed to date for operational use!

The banks have a lien over the assets and sensibly stopped the drawdown at £30m, the most optimistic valuation of the assets.

[pj 1] 02/4/2020 20:38

I recall years ago a poster here claiming he/she had been to visit and that the only security was to prevent anyone taking photographs. Probably still the same...

[diku] 02/4/2020 19:53

What security?...man with a long stick?...

[escapetohome] 01/4/2020 11:55

Haa haa haa, so funny Waterloo01

This company has such foresight indeed.

[waterloo01] 01/4/2020 10:51

lol. "In accordance with the Government's direction, the Company has ceased activity at its site at Karanja, although security remains in place to protect the Facility"

What they should have said that as the company foresaw the Covid crisis it stopped work a couple of years in advance.

[escapetohome] 30/3/2020 17:11

The White Gloved Butler has asked me to publish the following…:

“” ਅਾਪ;ਣੇ ਘਰ ਬੈਠ;ੇ ਰਹੋ;
A̔āpȧ1;ē ghara baiṭhē rahō”R21;

Which means Stay at home folks.

That is his message to you all.

The wdb is a passionate follower of the Royal Family , he has recently been speaking with Prince Charles sending his condolences over the covid outbreak. The Prince praised the wgb over his help during these difficult times.

Birdey num num.

[diku] 27/3/2020 20:10

Soon this will trade below zero...

Any news on the white gloved butler...with the lock down he still got the job...

[escapetohome] 27/3/2020 19:30

100% concur.

8m overvalued.

Huge cash raise expected.

[escapetohome] 27/3/2020 17:18

Just 8 m market cap

[escapetohome] 27/3/2020 17:18

All time low

Lock down in India will surely effect the capacity of this port.

Hardly.

[diku] 16/3/2020 22:49

Not yet but going there now...

Is the fishy port for fisherman ready yet?..

[phowdo] 11/3/2020 10:04

Anyone following the shenanigans that have been going on at NMC ?

For some reason it reminded me of MPL...

[mount teide] 11/2/2020 09:31

Moral of the SKIL PORT and Mercantile & Logistics Story?

Investors beware when the AIM allows an Indian Shyster - a convicted criminal, prosecuted for carrying out a huge Insider trading Scam involving four quoted companies - to masquerade as the Executive Chairman of an AIM Company!


31st October 2016 - SKIL Ports & Logistics Limited

£36 million Placing and Subscriptions plus Open Offer to raise up to £1.6 million

'Whilst the Directors expect that the Facility will be capable of receiving vessels by the end of this year, the Directors are not forecasting revenues from operations until the end of the third quarter of 2017 when, subject to securing the Funding, the Facility is expected to be fully operational. Further details of the Funding are referred to below.

Subject to the Company being able to secure the Funding by the end of the first quarter of 2017, the Company is working to the following timetable in order to achieve full operational completion of the Facility by the end of the third quarter of 2017:

By the end of January 2017 the Company expects to have:

· completed the dredging requirement;
· reclaimed 70 per cent. of the land; and
· constructed two berths, one of which will be capable of receiving vessels.

By the end of the first quarter of 2017 the Company expects to have:

· reclaimed 90 per cent. of the land;
· constructed four berths, three of which will be capable of receiving vessels; and
· entered into commercial agreements with end users.

By the end of the second quarter of 2017 the Company expects to have:
· completed the balance of reclamation work;
· carried out further ground improvement works;
· constructed the remaining berths, four of which will be capable of receiving vessels; and
· completed the sourcing of all necessary equipment.'

Bear in mind this:
IPO Document to raise £73m - "A 200 Acre Port Development with Logistics Facility and 1,000m of QUAY FRONTAGE'

And that the NOMAD representative said "as soon as the management became aware they would be unable to complete the construction in ONE PHASE OF DEVELOPMENT as laid out in the IPO Document, they would have to inform the market and attempt to raise further funds."

Yet, here we are in February 2020 - three and half years after the £37m cash raise and another since totalling £33m, and the TOTAL Land reclamation has reached just 90 acres (15 acres more than in June 2016) - at the current rate of progress the 200 acres will be reclaimed around June 2049!

The all weather Quay has been replaced by a cheap, lightweight, 400m jetty capable of handling small barges and coasters, serviced by an access channel with just 2-3 metres of water in it at low water - less than my local yacht marina!

The first revenues that were expected to be produced from the Logistics Facility by the end of 2014, as per the Executive Chairman's RNS statement in 2014, and by the port in Q3/2017 as per the Oct 2016 Shareholders Circular are predictably yet to materialise.

Since 6 years after the Executive Chairmans statement of when to expect first revenues from the Logistics Facility, the LAND RECLAMATION TO BUILD THE LOGISTICS FACILITY IS YET TO BEGIN - Shareholders would seemingly have a slam-dunk case of Fraud by False Representation against the Company.

Likewise, why did the NOMAD not look after shareholders interests by holding the management to account for failing to complete the full 200 acres of Land Reclamation in one go - PARTICULARLY WHEN THEIR REPRESENTATIVE INSISTED and the associated placing documentation LAID OUT, THAT THIS WAS THE PRIMARY PURPOSE FOR RAISING THE £37m.


AIOHO/DYOR

[mount teide] 05/2/2020 12:10

House shyster err sorry broker Cenkos are alone on the offer - with a decent line of stock they're happy to let go for 1.06p !

Had one taker this morning willing to part with £1k - more money than sense?

As always time will tell - perhaps he wasn't aware that the white gloved butler is continuing to hold on tight to his short - as any MPL falling knife catcher knows only too well you ignore him at your peril!

MPL has one of AIM's largest graveyards of falling knife catchers who failed to do their research - including some of the City's finest II's in the last two placings - who all subsequently found to their horror that the Mercantile Management had welded the falling knife to a two tonne anvil!

[phowdo] 03/2/2020 22:40

They probably had to make do with stuffed brown envelopes instead.

[diku] 03/2/2020 20:48

Wonder how many of the these so called sophisticated institutional investors actually went for a site visit before IPO or post IPO during construction...

[escapetohome] 03/2/2020 20:43

Still way way way too high.

Are Cenkos stupid? Many multiple too high.

Although they must reflect supply/demand.


0.0000000000000000000000001p.

Still too high.

[mount teide] 03/2/2020 15:31

House Broker Cenkos are today willing only to offer 0.85p for the shares - some 99.7% down from the 250p/share they suggested the company was worth to a group of supposedly sophisticated institutional investors at the £73m IPO!

[diku] 02/2/2020 19:48

Or it might have been bought at 10p RI or in the open market on the way down from IPO....

[mount teide] 02/2/2020 11:13

99.6% down since 2019 £73m IPO
98.7% down since 2013 £50m Bank Loan - providers have a lien over the assets
90.0% down since 2016 $37m Placing
50.0% down since 2019 $32m Placing


A current market cap of less than £20m for a company whose management claims its only asset has a carrying value of £130m-£160m, and an actual market value well in excess of this!

They could go on tour doing stand-up with material like that!

We estimate the current market value of the only asset as £25m-£30m - identical to the level at which the banks stepped in and put a stop on any further drawdowns from the £50m loan facility they provided in 2013. Smart people - have they been reading our posts?


The 947,075 shares sold on Thursday raised £9,754 before expenses - that shareholding cost someone £2.37m at IPO - OUCH!

[diku] 31/1/2020 23:08

If he had more PI's would have been sucked in...maybe a blessing...

[escapetohome] 31/1/2020 22:02

Haa haa haa

[escapetohome] 31/1/2020 20:44

Holding at barely over a penny.

Institutions love this stock.

Theyre going to buy more and more and more.

Haa haa haa.