Mercantile Ports & Logis... Share Discussion Threads

[joinednow] 02/2/2023 01:12

this is from their recent trading update.( not a holder here)

Mercantile Ports & Logistics Limited (AIM: MPL) which is operating and continuing to develop a port and logistics facility in Navi Mumbai, Maharashtra, India is pleased to announce that, following a strong final quarter of trading, the Company expects to meet revenue forecasts for FY 2022. This year, MPL's facility at Karanja has handled approximately 1.2m tonnes of various bulk commodities and the Company sees strong momentum going into the next financial year. The Company has all the requisite infrastructure and permissions in place to handle container movement and it expects to commence handling of containers in 2023, which will be an additional revenue stream for the Company.
Jay Mehta, CEO of MPL said "This is the first full year of uninterrupted cargo handling operations at our facility. Every month we continue to service new clients, both on a spot and contracted basis. Next year our pipeline looks healthy, which should enable us to build on our successes of 2022. Going into 2023, we are excited to be expecting to start handle new commodities including liquid bulk cargo such as base oils and bitumen".

[mount teide] 01/2/2023 22:53

Latest Google Earth images of the terminal are very revealing.

The main jetty 9 years after construction commenced is still not complete.

Only 90 acres of the 200 acre development has been recovered from the sea/foreshore from port development.

Only 40 acres of the 90 acres has been developed into hardstanding for storage/port operations, and most is used by Daewoo.

The 35 acres Daewoo rent for a pittance is around 40% of the entire land area, and they have brought in a floating pontoon to service this area, to minimise what they have to pay the terminal operator to use the main jetty.

The only cargo MPL is handling for their own account is low volume coal, which has covered the jetty, access bridge and much of the eastern end of the terminal in a thick layer of coal dust.

The cargo turnover and revenue generation is minimal and the actual value of the asset probably now £15m at best, as its in a terrible state of repair and so stands little chance of attracting better paying cargo.

The clueless II's who gave the shysters £150m for 'equity' should be arrested for impersonating fund management professionals.

AIOHO/DYOR

[valuehurts] 29/1/2023 09:44

This is a well known scam and has been for many years.

[danmart2] 29/1/2023 09:41

Surely the bank takes the asset?

Not that there is much of an asset

[diku] 23/1/2023 16:33

Time to do another share consolidation or name change...wash rinse and spin cycle again...

[mount teide] 23/1/2023 16:28

Market Cap: £3.2m

Carrying Value of the asset in the books: circa £160m

Our estimated cost of building the asset to date: £25-30m

Current Market Value of the assets: circa £25-30m

Lol!

You could go on tour with that quality of material!

Bank Loan extended to MPL: £30m (Banks have a lien over the assets)

Game, Set and Match!

[danmart2] 22/12/2022 18:09

Spot basis for handling cargo is awful for a so called reputable port, that admission alone is a huge red flag to potential investors.

[mount teide] 21/12/2022 13:07

IG...'I'd love to see someone take cenkos to court for putting out false figures, and getting folks ripped off..'

Considering the number of writs and criminal charges for securities fraud the two main orchestrators of the MPL misrepresentation are currently fighting in connection with a number of other major financial scams they're alleged to have been involved in, any action brought against them or Cenkos with respect their scandalous 'management' of MPL would I suspect largely be a waste of time.

Most of the circa $180m of equity and debt raised is gone and will certainly not be recovered from the market valuation of the assets - which we believe is currently around £25-30m.... and clearly why the investment banks which have a lien over the assets, stopped letting the MPL management draw down any more of the circa $50m bank loan facility, once it had reached around $30m!

I strongly suspect the investment banks involved have paid for a very basic independent valuation of the asset......and from it concluded, what I have been writing about over the last 5 years.

Of course, with a lien over the assets, they will have been both delighted and astonished, that the MPL management has been able to continue raising further cash in the form of equity, as they know at least some of it will now be used to further enhance the value of their asset!

AIOHO/DYOR

[danmart2] 21/12/2022 09:06

Tina Doyle would be a better CEO for MPL, ask her to contact the board


Back on topic, how long before the latest funds run dry?
Summer 2023?

[igoe104] 20/12/2022 19:12

This share is like a pigeon that can't fly, its just a matter of time before it comes to a sticky end.

I'm surprised schroders are still believers. Or is it the case they are hoping for a miracle...

[waterloo01] 20/12/2022 17:55

They will delist IMO as can't see they could raise again in the UK, so they will churn it out to a different set of punters

[danmart2] 20/12/2022 17:36

A complete and utter scam

[pj 1] 20/12/2022 17:00

He still does not believe the pilot took photographs of the right area 8 years ago and was last seen with azalea scouring the oceans in search of the port..

Believe it or not he was a wealth manager.

[igoe104] 20/12/2022 16:40

I'd love to see someone take cenkos to court for putting out false figures, and getting folks ripped off..

What happened to that guy who went over to India to see the management and see the port ?

[marvelman] 20/12/2022 16:27

Mount Teide saw this coming way back and gave plenty of warning to the then holders to get out. Those that could not believe the words of a well researched professional and the numbers and facts to back it up deserved what came to them. A few chancers came along after the last placing thinking it was undervalued and believing the latest round of lies from the company at the time have now also been fleeced. The worst example of company malpractice I have ever seen in my years on the markets

[igoe104] 20/12/2022 15:50

I wonder how more idoits will be involved in the next fund raise...

[igoe104] 20/12/2022 15:49

Cenkos a country mile out...


Cenkos forecasts:

PBT
2011 - 1.4m loss
2012 - 2.9m loss
2013 - 1.7m loss
2014 - 11m
2015 - 22.9m
2016 - 35.7m
2017 - 44.5m
2018 - 49.5m

*In 2018 SPL would have £150m cash on the balance sheet.

[danmart2] 07/10/2022 16:44

Shame on the pension funds who are invested here

This is the biggest scam on LSE

[mount teide] 07/10/2022 12:59

All sadly predictable and exactly as you were repeatedly warned!

Interim Results:

Group revenue of £1.91 million (June 2021: £0.85 million) .

Loss for 30 June 2022 £6.52 million (June 2021: £3.40 million)

So, losses surge by another £3.24m to £6.52m to increase their revenue by £1.06m

Genius, sheer genius!

Cash: £2.01m !

'Management remains comfortable with market expectations' ....Lol!

Only cargo handled has been extremely low paying coal, cement, steel, olivine flux and project cargo.

Jay Mehta, CEO of MPL stated, "These financial results show an all-round performance aligned to a clearer business strategy".......yes, as we told you so, of losing ever more money the more you ramp up the volume of ultra low earning dirty cargo, that few else want to handle!

'The Group is expecting further strong operational and financial performance in H2 2022, which is extremely pleasing and does, I believe, show that our strategy is working.'

Really? By my reckoning, looks like you're going to soon run out of cash again, UNLESS you dramatically lower the volume of cargo handled!

Clueless, totally clueless!

The crooks may have departed but they've left behind a bunch of fools to mind the banks 'assets '.


AIMHO/DYOR

[mount teide] 27/8/2022 08:14

Latest on Mahatma's old MPL bag carrier, the former CEO(and still highly paid consultant AFAWAA), who was forced to step down a couple of years ago after being arrested and charged on arrival at JFK airport by the FBI for carrying out a $300m securities fraud in the USA, while supposedly busting a gut running MPL!

He recently managed to secure his temporary freedom via a $1m bail. Two of his three alleged accomplices are currently fugitives on the run according to US Law Enforcement!

AIOHO/DYOR

[mount teide] 27/8/2022 07:39

2021 Annual Report - so the shyster Mahatma after being forced to step down as Chairman continues to shakedown shareholders, trousering another £192k of their funds last year as an Executive Director - more than the clueless CEO and FD put together! For doing what?

Incredibly, the Non Exec's based 4,000 miles away continue to trouser nearly double what Non Exec's at Dover Harbour Board, Europe's largest Short Sea Port, get paid! For doing what?

Down 99.8% post IPO, the Institutional Investors should be ashamed of themselves for not only letting this £200m racket go on for more than a decade but, for cluelessly continuing to support it with their shareholders funds.


Interesting to note, the Port photograph used on the front page of the 2021 Annual Report is, like most everything else about MPL - highly misleading.

Once again, despite claiming the 'port' is now 'operational', the MPL management has elected to use a photo of a large container terminal at ANOTHER PORT, rather than a photograph of Karana Port - a tiny, part completed, break bulk terminal capable of handling only very small barges.

Where, after 8 years of 'construction', only 45% of the port land has been reclaimed for development, despite raising over £130m of additional funds in placings and debt post the £72m 2010 IPO, on the basis the extra cash was necessary, "to ensure the full 200 acre port project, could be completed, in line with the IPO document" - and that statement came from the NOMAD's representative's mouth in front of other shareholders listening in on the telephone call. The reality is that NONE of that cash was subsequently used for that purpose - just as we predicted at the time!

To help Institutional shareholders come back into the real world where the clueless idiots have lost 99.8% of their shareholders funds over the last 12 years, we would urge them to pay circa £15k for a Marine Civil Engineering Consultant to carry out a Cost Analysis on the port project construction work completed to date and for a professional opinion on the current market value of the asset.

We would bet serious money that it would finally bring the curtain down in no uncertain terms on one of AIM's longest running farce's(frauds), more commonly known as MPL's 12 year public rogering of its II's - particularly, if you insisted on the management providing every invoice over £10k paid since 2010, for the Consultant to give a professional opinion on(we would pay good money to see that report!) Especially, the $44m that was 'spent' in 2014, when the company could only demonstrate around circa £2m of asset development expenditure at the approach to the site for a small access bridge over a tidal creek!


AIOHO/DYOR