Mercantile Ports & Logis... Share Discussion Threads

[seeriktus] 17/10/2021 00:00

@myretirementfund

Hunch Ventures did the bulk of the primarybid, they've been the main instutional investor these years. "Hunch Ventures is controlled by Karanpal Singh, Non-Executive Director".
hxxps://polaris.brighterir.com/public/mercantile/news/rns/story/xj3937w

Buy enough of this trash and you too can become a director. Come get your share of the "Other Administration Costs".

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Re the report: Photo 3 is a stock photo of a bulk carrier you can buy on Alamy

hxxps://www.alamy.com/stock-photo-flag-malaysia-type-bulk-carrier-imo-9253404-mmsi-533051800-call-sign-129638502.html?irclickid=URwT7S27rxyIWsXSfqTut39BUkBS162w2xP73U0&irgwc=1&utm_source=77643&utm_campaign=Shop%20Royalty%20Free%20at%20Alamy&utm_medium=impact

[danmart2] 16/10/2021 19:34

Primary bid

Does anyone who invested in the primary bid latest raise for MPL have a copy of the proposal?

No mention of MPL on the primary bid site.

[danmart2] 14/10/2021 15:46

Is aim the culprit or the company who carried out the latest share raise?
I can’t remember which company it was.

[my retirement fund] 14/10/2021 13:54

To be able to do another fundraising which obviously begs the question if it was actually real and money actually did change hands because it seems hard to believe it really happen, then all I can say is AIM must be one of the biggest fraud platforms globally, it must be even more fraudulent than that under the counter pink slips exchange they have in the US.

[waterloo01] 14/10/2021 07:42

MPL still peddling lies then. Quell surprise.

[mount teide] 14/10/2021 07:36

2020 Annual Report

Photo 1 is of a coastal container carrier approaching a river container terminal - Karanja Port does not have any quay container cranes or storage compound container handling equipment to handle this type of vessel.

Photo 2 is of a deep draft bulk carrier discharging grain at a purpose built bulk
cargo terminal.
Karanja Port has no automated bulk cargo handling equipment to handle such vessels and would not be able to receive a vessel of this size due to Karanja Creeks's severe draft restriction.

Photo 3 is of a deep draft geared bulk carrier discharging a timber deck cargo - this type of deep sea vessel would also not be able to get within 3 miles of Karanja Port without running aground due to the fact that Karanja Creek is only dredged to 3 meters. Even at high water there would only be 6 metres of available water in the creek - totally insufficient to accomodate anything other then barges and small coasters.

AIOHO/DYOR

[tiltonboy] 08/10/2021 08:05

Reminds me of another group of wrong 'uns years ago who posted pictures of properties they claimed they were acting as agent for.

What were the chances that I had been to one of the hotels, situated in Costa do Sauipe, Brazil, which they claimed to be something else. I even got slaughtered on the BB...until people realised. The fraud didn't last long!

[mount teide] 08/10/2021 07:01

2020 Annual Report

It would be a demonstration of duplicity on an industrial scale were the Board to have elected to use blurred photographs of other working ports in the Introduction to the 2020 Annual Report and NOT their shareholder's operational Karanja Port!

The fact they did use just blurred photographs of other working ports is breathtakingly disingenuous!

[danmart2] 07/10/2021 11:45

They have done well to fund another 12 months, how long before they release an RNS of BOD resignations?

[mount teide] 07/10/2021 08:54

99.88% Down Post IPO - for a fully funded Real Estate Project !

How to turn £1,000,000 into £1,280 - let the MPL shysters look after your investments !

[mount teide] 07/10/2021 08:19

Chickens finally coming home to roost for the shysters!

£0.75m revenue generated - this will be entirely ground rent for handing over a large area of the terminal and jetty to the third party building the Karanja Creek bridge.

£4.4m of annual Interest payments begin from March 2022.

Following which MPL will then have to repay £11.18 million annually to the banks - £6.78m in capital repayments plus £4.4m in interest!

By my reckoning the £10 million placing foolishly supported by the II's has improved the cash position such that its given the Shysters another 12 months or so on their II financed gravy train, before it finally hits the buffers and the banks repossess the facility under the lien they have over the asset.

AIOHO/DYOR

[waterloo01] 04/10/2021 15:30

Indeed very sloppy research by the times. If they really want the corruption story, they should ask on here!

[inteligentia8] 04/10/2021 09:36

Elliott’s former $2.4bn Argentina man comes after India - via @FT

[phowdo] 01/10/2021 07:09

Wonder if their auditors will get another paltry fine and slap on the wrist for looking the other way whilst an obvious fraud was happening on their watch?

[igoe104] 01/10/2021 07:02

How does this company get away with what its going ? Its complete fraud what they have been doing.

[ashleyjv] 30/9/2021 18:19

ercantile Ports & Logistics Limited (AIM: MPL), which is developing and operating its port and logistics facility in Navi Mumbai, Maharashtra, India , refers to its announcement of 30 June 2021, which stated that, due to the COVID-19 situation in India, it had been granted an extension to the filing of its audited accounts for the period ending 31 December 2020 (the "2020 Accounts"). Whilst the 2020 Accounts are anticipated to be in line with the expectations set out in the 30 June 2021 announcement, the Company and the Company's auditors have not been able to conclude the audit by 30 September 2021. The principal outstanding matter relates to a technical issue regarding the treatment of a tax provision, which has no effect on headline numbers or on the Company's cash position.

Consequently, the Board anticipates that trading in the Company's Ordinary Shares will be suspended with effect from 7.30am on 01 October 2021, until such time as the 2020 Accounts are published, which is expected to be no later than 8 October 2021.

In addition, the Company's expects to announce its interim results for the six months ended 30 June 2021 by 31 October 2021. This publication date utilises the permitted extension of up to one month to announce half yearly reports, as per the COVID-19 guidance set out in 'Inside AIM', dated 9 June 2020.

Further announcements will be made, in due course.

[waterloo01] 30/9/2021 17:16

shock horror...

[phowdo] 27/9/2021 11:57

MPLs auditors appear to be utterly useless at auditing.

[danmart2] 22/9/2021 15:49

20p by 2022?

[escapetohome] 19/9/2021 22:11

on the next leg down this will go under the previous low.

[mount teide] 19/9/2021 13:48

Back in 2014 the Management told the market the company website would regularly be updated with progress photographs as construction of the terminal progressed.

How's that working out for shareholders who has since been diluted into oblivion - well, despite the 'port development' being in its 8th year of 'construction' and laughably having a claimed carrying 'value' of circa £200m, its still only around 25% developed compared to the much higher specification detailed in the 2010 IPO Document, that was put out in a construction tender won by ITD Cementation with an offer of £57m.

Answer: There has not been a single construction photograph posted on the Company website for nearly 4 years!


When Jeremy Warner Allen was appointed Chairman he 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."

In 2019, we wrote to him and asked "what have you been doing for shareholders since joining the Board in 2018?"

As we noted, "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 some 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."

To date we are yet to receive a reply ..... the rest as they say is history, with IPO investors now 99.8% down and most subsequent placing investors down by very similar amounts for what is a straightforward low spec real estate development.

By way of comparison ITD Cementation built the World Class, much larger and vastly more complex Mumbai Terminal 4 Container Port ....located just 5km away..... in just TWO years. It went in to operation under budget and ahead of time.



AIOHO/DYOR