Mercantile Ports & Logis... Share Discussion Threads

[researchcentre123] 13/12/2024 11:14

Yes perhaps they were sucked in like most of us. The balance sheet values things at cost as far as I can make out - but if I buy your old Skoda off you for £1 million, it doesn't make it worth £1 million. The problem arises when I try to persuade someone that it is, I've been using someone else's money to buy it and it's my cousin I'm buying it off.....

[mount teide] 29/11/2024 16:49

R123 - when I wrote to the previous MPL CEO, since arrested and charged for carrying out a $300m securities fraud in the US - charges he subsequently pleaded guilty to in a plea bargain deal last year - that my friends and I were considering sending to Hunch Ventures the complaint/research file against MPL we submitted to the AIM market regulator and SFO, he got extremely agitated and made a number of threats suggesting that would not be a good idea!

I strongly suspect Hunch have made a catastrophic mistake in getting involved in MPL, as for many years the equity has been worthless since the banks effectively own the business, from having a lien over the company's only asset, the port terminal, which is currently worth significantly less than the amount of outstanding bank loan capital and interest.

AIMHO/DYOR

[researchcentre123] 27/11/2024 10:37

I do question what made Hunch Ventures get involved here - they apparently offer loans but why? The business is clearly under water with no visible way out.

[researchcentre123] 04/11/2024 08:04

Hit like if you're on this board. It would be interesting to see how many people look at it

[researchcentre123] 23/10/2024 12:41

No one here thinks auditors have a liability if the assets are overvalued on the balance sheet?

[mount teide] 10/10/2024 12:35

News sweeping the Mumbai business district is that the white gloved butler at the Taj Mahal responsible for servicing former MPL Executive Chairman and convicted criminal Ghandi's $1,000 a day suite(at somebody else's expense), recently announced his retirement to live off the profits he made from shorting MPL for over a decade.


someuwin 3 Sep '19 - 09:51 - 1509 of 2317
'MT - do you see this ever becoming investable? maybe with a change of management?'

Mount Teide 3 Sep '19 - 10:44 - 1510 of 2317
Someuwin - putting a new premier league management team in today would make no difference whatsoever - even if the 200 acres in the IPO Document were available for use rather than the 30 acres currently in some form of operational use handling low value cargo - this little draft restricted barge terminal will never come close to even making the interest payments on the circa £30m of debt drawn-down to date.

Back in late 2016, we told the largest II's they would lose all their clients money and how we knew - they refused to listen and then compounded the problem by doubling down twice. These guys collectively bought £tens of millions of stock at the IPO at £2.50 a share and are now down 99.5% on that 'investment' and 87% on the first placing 'investment'.'

Over the five years since, the Company has managed to keep the plates spinning on this huge scam by raising further funds from clueless institutional investors and private equity......buy they now appear to have accepted their fate......that it is only a matter of time before the smart money(banks with a lien over the only asset), pounce like a Bengal Tiger!

[mount teide] 02/10/2024 14:40

S/p now down 99.99% post London AIM IPO.

Incredibly, the company still has 45 full time employees.

The Port jetty is still yet to be completed some 7-8 years after commencement of construction.

After 9 years of 'construction' barely half of the 200 acres of the inter tidal foreshore and Kajanja creek scheduled for reclamation to develop the port has actually been reclaimed and, of the 100 reclaimed acres, less than half has been developed with a high load bearing hardstanding to facilitate Port operations.

The 1,000m all weather quay as detailed in the IPO Document never saw the light of day and, was replaced by a cheap weather exposed 400m jetty, the 50m end of which is still yet to be completed some 8 years after construction commenced.

Development of the 'Port' in line with the IPO Document in any meaningful way ceased at least 6 years ago after they raised further money from clueless II's to 'accelerate' completion of 'construction' - despite claiming in the IPO Document that the £73m raised would be sufficient to complete the full build out of the Port.

Some £200m has been raised in equity and debt for a massively scaled down low quality terminal, compared to that detailed in the IPO Document. Of which they now have less than £1m in cash left and $50m of bank debt, attracting annual interest payments of nearly 4 times the current revenue being generated.

The CEO at the time of the IPO and during the following 8 years was arrested by the FBI on arrival in the US about 5 years ago and charged with carrying out a $300m securities fraud - for which he pleaded guilty in a plea bargaining deal, in return for a shorter sentence.

The former Chairman for most of the first 10 years following the London IPO, is a convicted fraudster who specialises in industrial scale Insider trading, and siphoning money out of quoted companies for which he has executive responsibilities.

AIMHO/DYOR

[my retirement fund] 01/10/2024 08:18

5 million lol. LOL !!! It's not worth 5 million, it's worthless.

[researchcentre123] 30/9/2024 14:31

I think the issue is why are assets listed above value on the balance sheet if that's the case. Surely if worth drastically less under GAPP rules that should be reflected with a write down. I'd be surprised if there wasn't some liability held by the auditors there

[my retirement fund] 30/9/2024 11:29

Any entity that has its business based in a non EU country and is registered off shore such as in the IOM in order to be listed on Londons AIM is quite literally bound to be a scam. Jeez, it's not going to be anything else really, is it!

[waterloo01] 30/9/2024 10:57

not sure the 'world' knows or cares about AIM, Chinese aside, and a few yrs ago they were launching a huge number of frauds, aka MPL, but the damage is here in the UK to UK investor confidence. The majority would be better of sticking with ETF's and FTSE 250 and up, for 'punts'.

In the day, the big blue sky punts were mainly E&P drillers/miners and biotech. It's broader these days!

[diku] 30/9/2024 10:55

All in the name...AIM = Am I Mug...ask before investing...

[diku] 30/9/2024 07:46

Turn into Bollywood studio site...

[mount teide] 30/9/2024 07:43

The 10,000 share transaction sold this morning raised £163 before costs, for a holding that a London AIM IPO investor would have paid £25,000 for!

A loss of 99.4% for a straightforward real estate project (scam) dressed up as a London AIM 'investment'.

AIMHO/DYOR

[mount teide] 30/9/2024 07:32

Interim Results:

As predicated, the loss of the tenant Tata/Daewoo, the main income generator, has seen port revenue drop off a cliff - down 61% to just £1.05m, while cargo handled has dropped 16%.

Loss before tax of: 5 times revenue, 6 times net cash and, 2 times finance costs.

Cash of £0.94m down 85% from £6.4m in H1/23

Outstanding loan Balance: £50.8m - Banks have a Lien over the only 'asset' which is worth about £20m-£25m - for something shareholders and the market was told 'cost' nearly 10 times the current market value to build in terms of the circa £200m of cash raised and 'spent' from issued equity and bank loans.

Equity has been worthless for years - avoid like the plague.

[waterloo01] 30/9/2024 07:31

No surprises there then. Revenue halved from already low levels.

[diku] 09/9/2024 14:43

Bit of action here today...

[danmart2] 23/8/2024 06:25

It’s a scam and it’s coming to an end

[diku] 22/8/2024 20:44

For £1280???...

[researchcentre123] 19/8/2024 16:41

When even he is selling, it suggests there's not much hope.

[my retirement fund] 19/8/2024 16:20

(Looks like they were unable to refinance fully). Lights out soon !

[my retirement fund] 19/8/2024 16:18

Nice to see the director selling at 1.6 pence, albeit he won't be able to sell much more without quickly crashing the shareprice by a further 50% or so going sub 1 pence.

[mount teide] 01/7/2024 22:26

P02 - you may well be right - although the information I found during a brief look online did mention the Northern Trust Pension Fund....could the nominees be the individuals with savings within the fund?

As you say, life is too short to spend more time researching a small II who along with all existing and past II's in MPL made a monumental mistake investing in the company.

Ask previously pointed out, all any of them individually or collectively had to do, was to appoint a Marine Civil Engineering Consultant to carry out a cost analysis of the land reclamation and port infrastructure construction work carried out to date at Karanja Port - and if they're not happy, as I'm very much of the view they would be, after comparing the consultants estimated build cost to what the company claims to have spent, engage lawyers!

AIMHO/DYOR