Mercantile Ports & Logis... Share Discussion Threads

[gah123] 30/6/2020 23:30

Great update! We could see a massive rise tomorrow, hugely undervalued at just 5m market cap

[rumobejo] 30/6/2020 16:26

good luck buying :D

1p

[rumobejo] 30/6/2020 16:26

TIDM MPL

RNS Number : 5908R

30 June 2020

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Accounts Filing Extension and Update

MPL announces that it has been granted an extension to the timeline for the filing of its audited accounts for the period ending 31 December 2019 and provides an update. Whilst the audit process is nearly complete, the Company's auditors have informed the Company that the continued lockdown in India due to COVID-19 means that they have been unable to complete their work. The audit is expected to be concluded soon and certainly before the end of July.

In the meantime, the Company can confirm that there is nothing material to add to its announcement of 1 April. India continues to be impacted by COVID-19 and, whilst MPL is not immune from this, it continues to carry out work on site. As previously announced, the first phase of land required by the Tata Projects and Daewoo Engineering Joint Venture was handed over on 1 April, on schedule, with revenue generated from that date. The Company remains confident of handing over the balance of the 25 acre plot by the end of August. Despite lockdown, negotiations continue with potential end-customers of the facility and the Company is hopeful that further contracts can be announced by the end of the monsoon period in September.

Along with many Indian companies, MPL has benefitted from the current payment moratorium on principal and interest from Indian banks and the Company has been prudent in its management of cash. As at 31 May, the Company had approximately GBP7.6 million of cash, together with access to an additional approximately GBP10.3 million under its undrawn bank facilities and has approximately GBP11 million in advanced payments to its main contractors. As a result, the Company continues to believe that it has sufficient resources to carry it through the COVID-19 crisis and beyond.

[rumobejo] 30/6/2020 11:00

She got a big Mount to climb back to 1p Teide...

[mount teide] 28/6/2020 17:28

The Mercantile Ports and Logistics Scam is in its 11th year since the London IPO and is still to register any revenue some 16 months after 'opening' its rusty entrance gates, with one seventh of the port capacity promised in the IPO Documentation; at a cost 19 times(yes, you read that right!) greater per acre than the winning tender to develop the entire 200 acre development!

[mount teide] 28/6/2020 17:24

Video shot in November 2019 of the dirt track port approach road (and fishing boats in the creek alongside it) running up to the closed rusted gates( held in position by a rock), at the entrance to the Port Terminal.

No Port activity whatsoever, No ships, No HGV vehicles collecting or dropping off cargo, NO security presence at the Entrance gate, No dockers, No Landside workers, No Cargo in storage, No port traffic on the approach road.

After ten years, the Port(ABOUT 20% OF IT), according to management opened for business 16 months ago BUT as predicted, other than for a stage managed video of a single barge cargo that was loaded directly to road vehicle and went straight out the port, NO SUBSEQUENT PORT ACTIVITY looks to have since occurred. The cargo handling revenue figure for 2019 should make sobering reading for shareholders - particularly since the CEO had confidently predicted 2.0 million tonnes for 2018 (we said Zero, actual figure: Zero), ratcheting up to double that in 2019(Actual: our prediction: Zero - looks spot on the money once again).

INSTITUTIONAL INVESTORS - YOU WERE REPEATEDLY WARNED YOU WERE BEING CONNED, well before the first of two subsequent placings totalling circa £70 million!



By comparison JNPT Terminal 4 Container Terminal just 5 miles away on the Uran Peninsula, is nealry 10 times the size of Karanja and orders of magnitude greater specification, was built and operational in just 2 years 3 months, and is already out-growing itself with the owners submitting a new planning application to expand.

[mount teide] 28/6/2020 17:22

Well well - When an equity investment manager at L&G, Richard Penny's Fund was a major shareholder in Mercantile Ports from IPO at 250p. It subsequently lost the fund an absolute fortune - when he left L&G to start his own CRUX investment fund last November his L&G Mercantile holding was an eye-watering 99.2% down.

Despite explaining to Penny back in 2016 how two industry friends and i knew from long telephone calls with the CEO, that he(and the Chairman) were proven liars and totally untrustworthy, he not only elected to ignore the long list of evidence we provided but also our advice not to double down by supporting what we called at the time 'AIM's Greatest Work of Fiction' or as it was more commonly known in the City - the Mercantile Shareholders Circular for the November 2016 £37m Placing. That additional holding is now 97% down!

Imagine our surprise to recently read in a Bank of Scotland interview with Penny about his new Investment Fund, that some of his former investments make an appearance in his new CRUX Fund, most notably a tiny AIM-listed company called Mercantile Ports & Logistics (MPL).

' “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,” he continues.

Penny has invested 40% of the portfolio in FTSE 100 companies and a third in small caps. The rest is in FTSE 250 names, with around 10% in cash. Currently, he’s underweight mid caps due to valuations in that area.'


Considering what they knew of the behaviour and performance of the Executive Board, that most of the major II shareholders from the IPO at 250p were involved in both subsequent £37m and £30m placings at a respective 96.0% and 99.2% discount to the IPO price, simply beggars belief!

The Karanja Port Project has a management claimed carrying value of circe £160 million, we believe it should be nearer £30 million, and that is being generous!

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

[escapetohome] 28/6/2020 17:19

If youre looking at port story at the inception, take a look at Infastrata INFA , with their Haarland and Wolf dock facility.

Real prospects, not the false hope here.

[mount teide] 28/6/2020 17:16

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 circa £160m 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] 28/6/2020 17:15

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

[rumobejo] 26/6/2020 16:18

the kids hear you, coming along the boys to hit it here...

[vijay4teli] 26/6/2020 11:28

Just check on google about there kids marriages.
You can see all Dollars and rupees floating around.

[my retirement fund] 25/6/2020 16:32

I wonder what the bank account looks like today? The absurd loan aside, does anyone think there are any dollars/rupees left, or what ever currency it was the scamers preferred fraud was conducted in?

[diku] 24/6/2020 23:30

Maybe a Bollywood staged....with all those pictures?...




escapetohome23 Jun '20 - 17:21 - 1683 of 1694
0 1 0
The problem is i dont think there really is a port here.

No one really knows.

The history is not good at all.

[optmist] 24/6/2020 16:19

Warning Dave45 is the biggest pumper and dumper. Pumped BAGR and screwed many peeps

[dave4545] 24/6/2020 16:05

Well regulars MT and all

Say hello to colin12345678 you will not know the name but he is one of the worst pump and dump merchants around and is obviously having a bash at this dog lol

[colin12345678] 24/6/2020 16:01

is he buying in here then lol

[rumobejo] 24/6/2020 15:47

#DDTG STOCKS ONLY GO UP :D

1p

[iamgreat1] 24/6/2020 15:45

Woof woof stock

[waterloo01] 24/6/2020 15:29

See it's the twitter pumpers and dumpers. Last out switch off the lights. Have a look on google earth. Latest is from Feb. Go back 2 years and you will see nothing has changed.

They have scammed the company coffers for years, and owe more to the bank than the whole site is worth. They also have to pay lease fees to the port authority that is greater than their turnover.

Any share price rise is purely the pump before the dump.

[rumobejo] 24/6/2020 15:20

escape-to-home fly-to-penny

volume will come, just like UKOG and FJET, and it will be a hell of a storm!

[escapetohome] 24/6/2020 12:18

New all time low.

It seems very few money is feeding in, but a lot disappearing.

[rumobejo] 24/6/2020 12:05

UKOG profits feeding in here...