Mercantile Ports & Logis... Share Discussion Threads

[waterloo01] 17/1/2017 08:39

Nice of them to update us. What about the f'ing port?

[diku] 11/1/2017 10:16

They know where the mug punters are!!...

[mount teide] 11/1/2017 10:14

A happy new year to you all!


SKIL Ports & Logistics Limited Placing, Open Offer and Subscriptions - Nov 2016

'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. '

With the £36m fund raising(less expenses) now safety tucked away in MPL's bank account and the above timeline now just three weeks away - the market is clearly looking forward to receiving news and photographs of the 140 acres of reclaimed land and completion of 2 berths(one equipped to handle the first vessels)!

My forecast - What the market may actually get - is news/photographs of around 80 acres of 'reclaimed' land at most and about half of the piling necessary to commence the construction of two small berths( around 20% of the physical progress expected by the end of Jan 2017)


Predictably, prior to approaching the market for new funds there were 8 photographic and three operational updates in 2016 H2 - yet, in the following 7 months there has been ZERO photographic updates and just ONE operational update!



SKIL Ports & Logistics Limited Placing, Open Offer and Subcriptions

'The Directors expect that the continued expansion of JNPT will represent significant opportunities for the Company. In particular, the Directors believe that the Company will benefit from the Facility being able to offer:

-- mid-stream discharge and loading of cargo at anchorage whilst vessels wait to berth at JNPT;'

This is MISREPRESENTATION on an epic scale !

I would like the Directors(particularly, the non-execs), to explain to shareholders how the vessels operating to JNPT, which are almost without exception pure container carriers (huge deep sea vessels that are GEAR-LESS - with no cranes on board), loaded with containers routinely stacked on deck up to 10 to 12 high, can be discharged in the anchorage?

The air draft, distance from sea level to top of the highest deck container stack on board many if these deep sea vessels is routinely 35m - 40m, the height of a 14 storey block of residential flats!

The small transhipment barges used in the anchorage of Mumbai Harbour are mostly gear-less(no cranes), and of the few that do have lifting equipment; it is a small fraction of the specification required to handle containers to/from these ships.

Why did the non execs allow the execs to put out such false and misleading information in a OPEN OFFER AND PLACING DOCUMENT?

Still awaiting answers from Cenkos to this question and others put to them - also had no reply from the company.

[phowdo] 11/1/2017 09:21

Has Gandi bought the shares he said he would?
Is the January Update scheduled for April 1st?

[diku] 11/1/2017 09:11

Can this be classed as mis selling?....PPI mark 2 version or is it allowed in the AIM!!..

[waterloo01] 11/1/2017 09:08

Nothing happening here. Latest Google picture shows NO progress as far as I can tell, except spending/throwing away/stealing the cash. Everything and everyone involved (including some of the larger holders) deserve to get roasted.

[saikat] 06/1/2017 17:42

A seventh of the new money probably has been stolen by now. Easy to see why the Skil word had to be removed from the name - they don't want brand name to be tarnished by a few unaccountabilities - although they are all budgeted in.

[diku] 06/1/2017 14:21

Think dvi doing the buying again...

[tyranosaurus] 06/1/2017 13:23

"No News available in the last month for MPL"

That says it all.

[diku] 06/1/2017 11:15

Something fishy going on here?...

[diku] 05/1/2017 08:46

Somebody just bought 500k....are we there yet?..

[diku] 23/12/2016 10:12

Any news on the fishy port?...

[pj 1] 13/12/2016 11:06

dvi
I'm not particularly giving my opinion if it is an attractive investment from now or not, and I genuinely hope that Investors here do see a return and/or can recoup some loses.

My views concern the BoD and their past 'performance' which has been diabolical

I also feel concerned that a pre-existing Manager (what did he 'manage' exactly?) has been appointed to Board level. That does not make any sense to me at all, from what I can see dismissal would have been the more common sense approach (along with the Directors)

I would also be very concerned with Lord Flights comments that he has been impressed with works completed so far. He's the one then?

Hopefully they can move forward from this and prove me wrong. gOOD LUCK pj

[waterloo01] 13/12/2016 09:20

The silence is deafening. Is anything going on?

[diku] 12/12/2016 21:30

Back of a big sofa!...

[pj 1] 12/12/2016 21:04

Mount Teide7 Dec '16 - 20:19 - 5 of 7 2 0
''Why shareholders are not collectively funding an independent report on the project to date including cost estimations of the progress to date and to complete the project to the designed spec beggars belief, particularly considering the long track record of a lack of financial transparency from management post IPO.''

====================================================================================
Whilst its all historical and water under the bridge I shall share some surprising PI reactions-

Back in 2014 there was much debate and lack of credible reports from the Co.(hmmmmm)
There has been various claims via RNS that the workforce had been mobilised and that works had commenced. Indeed, I believe you fed back along with others to the BB your communications from / both MPL (SPL) and ITD that Bunds (banking ground works) had been completed and the piling Rigs, (yes Rigs-plural) were being assembled ready for site. Indeed claims also surfaced that SPL had developed a new and faster way of Piling......

This was in total contradiction from other sources we had on the ground so to speak.

So, a Pilot and small aircraft was sourced for aerial photographs to be taken to prove the works to date on site.

An offer was made to all PI's via the BB and Twitter to get involved, be proactive and contribute to the costs of the reconnasaince mission (PLEASE NOTE-The Directors had previously advised that the 'Port' was in a ''NO FLY ZONE'' due to military installation close by. I'll repeat again- That came word of mouth from a Director of this Company.)-hint- what no fly zone?

As co-ordinator I set up a special email address, and requested anyone interested to email to get involved with the Project. I was quite surprised initially to have over 30 (i think it was 37, responses.)

Amazingly, most of the responses were not offers to participate or offer support to the project. The opposite. Most were emails (most identifying their BB handles) telling me it was a waste of time and effort to bother. Maybe PI's are actually scared of the truth?

Anyway to cut the long story short. The words of the Pilot (at approx 1200 hours) still ring in my ears. ''What Port?'' were his first words. He did get photos though of a 3/4 completed concrete bridge, goal posts, volley ball court, abandoned fishing boats, and lots of people sat about doing nothing. No Port. No Bunds. No piling gantry. No machinery. No accommodation/ work huts. No scoping works, No lorries. No diggers. No mobilized workforce. Lots of water and mango and scrub.

Even after this was posted on the BB most contributors (including azalea) accused us of making it up(for info 3 PI's contributed to the costs-pretty pathetic really, including another respected poster here and one who was I guess wiped out.

Please draw your own conclusions, IMO not many are going to contact the Co. or try and find out the true facts. Apathy springs to mind.

DO NOT believe a word this BoD's tell you. Do not believe the web site. Do not believe their projected figures. Get it proven. Do not forget they have been caught red handed how many times now?

There are other 'things' I could tell you , but as I man of my word, I shall not break it.

DYOR, IMO etc etc.

Where has the cash gone? It certainly isn't in the earth imo.

[diku] 12/12/2016 20:46

Might be worth sending the above post to L&G...whose money are they playing with..

[saucepan] 12/12/2016 20:11

grabster has just shared a link on the old SPL thread to the new MPL website:



My immediate reaction is that it bears a closer resemblance to something created in "Minecraft" than actual reality (including the inane background music!).

Are we again being presented with a fiction? Why could there not be good footage of what is actually happening on the ground?

I cannot see myself investing here again; too much credibility lost.

[diku] 09/12/2016 10:28

How is the fishy port building for fisherman going on?....

[mount teide] 07/12/2016 20:19

Management were within 4 months of the end Jan 2016 progress target, and 7 months of the even more astonishing end April 2017 progress target when the market was notified of the Open Offer and Placing Document.


Consequently, it is interesting to note the following;

Karanja Port Development Project

Jan - Jun 2016
8 Photographic Site Updates
3 Project Updates

July - Dec 2016
0 Photographic Updates
1 Project Update

After years of keeping shareholders mostly in the dark, the benefit of hindsight would suggest to this observer, that the first six months of the 2016, saw a complete about turn, with a stream of photographic and project updates for a carefully crafted purpose - to prepare shareholders for the coup de gras - a massive dilution at a 96% discount to the IPO price, for a project that the June 2016 photographic evidence suggests to industry professionals should have cost only around £15m - £20m to that date to carry out.

Why shareholders are not collectively funding an independent report on the project to date including cost estimations of the progress to date and to complete the project to the designed spec beggars belief, particularly considering the long track record of a lack of financial transparency from management post IPO.

Shareholders may wish to be aware, some two weeks after asking the Nomad for answers and clarification to a number of questions as a prospective new investor, some concerning the potential misleading of investors in connection with the raising of an additional £36m in funds, i have yet to receive any answers or the promised call from Management they agreed to arrange.

AIMHO DYOR

[waterloo01] 02/12/2016 18:06

Really they need to update on progress. One suspects they have not as they are already well off their 'By end Jan' targets. Surely L&G will take a keener interest.