Mercantile Ports & Logistics Ltd Board Changes and Update (9558Z)

TIDMMPL

RNS Number : 9558Z

Mercantile Ports & Logistics Ltd

16 January 2020

16 January 2020

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Board changes and update

Mercantile Ports & Logistics (MPL) is pleased to announce that Jeremy Warner Allen has been appointed as Chairman of the Board of Directors at the Company. Mr Warner Allen, who joined the board as an independent non-executive director in 2018, takes over from Mr Nikhil Gandhi, who continues to remain on the Board of MPL, and its wholly owned subsidiary in India, Karanja Terminals and Logistics pvt Limited as a director and Founding Partner.

The Company can report that further progress was made in the second half of last year. The infrastructure works on site for the Daewoo Tata JV contract, signed in September, are continuing and are on track to enable revenue under this contract to commence in April, as planned. At the same time, there were further cargo movements at the site in 2019 as potential customers trialled the logistical and environmental benefits of shipping through Karanja. These individual movements have been small but feedback from customers has been extremely encouraging. Additional larger contracts, referred to in previous announcements, are taking longer to negotiate than hoped. Given the long-term nature of these contracts, the Company recognises the importance of agreeing optimum terms, and is prepared to take the necessary time to secure them. The Company can confirm that all discussions that were taking place in 2019 with potential customers continue and remain positive. The Company is confident that these relationships will be converted into contracts and that the Company will generate meaningful revenue in 2020 as planned.

Commenting on the board change, Mr Gandhi said, "Jeremy is the right person to Chair the Board of MPL as the Company's operational activity increases. I remain fully committed to the Board, management and to all our stakeholders and will continue to play my part in strengthening and growing the Company in the many years to come."

Jeremy Warner Allen 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."

 
 Enquiries: 
 MPL                                 Jay Mehta 
                                      C/O Newgate Communications 
                                      [phone] 
 Cenkos Securities plc               Stephen Keys/Russell Cook 
                                      [phone] 
 Newgate Communications (Financial   Adam Lloyd 
  PR)                                 [phone] 
 

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January 16, 2020 02:00 ET (07:00 GMT)