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Share Name Share Symbol Market Type Share ISIN Share Description
Mercantile Ports & Logistics Limited LSE:MPL London Ordinary Share GG00B53M7D91 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.005 2.33% 0.22 0.21 0.23 0.23 0.22 0.23 2,350,262 08:00:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 0.0 -5.0 0.0 - 4

Mercantile Ports & Logistics Ltd Accounts Filing Extension and Update

30/06/2020 4:22pm

UK Regulatory (RNS & others)


Mercantile Ports & Logis... (LSE:MPL)
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RNS Number : 5908R

Mercantile Ports & Logistics Ltd

30 June 2020

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.

 
 Enquiries: 
 MPL                                  Jay Mehta 
                                      C/O Newgate Communications 
                                      +44 (0)20 3757 6880 
 Cenkos Securities plc                Stephen Keys/Russell Cook 
                                      +44 (0)20 7397 8900 
 Newgate Communications (Financial    Adam Lloyd/Isabelle Smurfit 
  PR) 
                                      +44 (0)20 3757 6880 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 30, 2020 11:22 ET (15:22 GMT)

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