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MPL Mercantile Ports & Logistics Limited

1.80
0.00 (0.00%)
16 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mercantile Ports & Logistics Limited LSE:MPL London Ordinary Share GG00BKSH7R87 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.80 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1.70 1.90
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.80 GBX

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Date Time Title Posts
01/7/202423:26Mercantile Ports and Logistics 2,299
13/1/200613:40Montpelier Group820
17/2/200511:08Cash rich MONTPELLIER under priced27
06/2/200517:41what merit in montpelier27
10/12/200408:16Montpellier (MPL) CHEAP. Share price=25.5p,NAV=40-50p,EPS=5-6p,P/E=4-5903

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Mercantile Ports & Logis... (MPL) Top Chat Posts

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Posted at 01/7/2024 23:26 by mount teide
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
Posted at 01/7/2024 15:41 by mount teide
Nortrust Nominees Limited reduce their holding to below 5%.

Nortrust (a pension fund) still have over £300k invested here - would pay good money to read their DD/Investment Case Research on MPL!
Posted at 27/6/2024 19:43 by mount teide
Appalling results but, more or less in line with my expectation.

So, to increase revenue by 12% YOY, saw the operating costs go up by 71%!

As in previous years, NO economy of scale operating cost savings as the cargo handled increased!

Only port I've ever come across where the costs increase much faster than the revenue generated as the tonnage handled through the port increases. This occurs every year at Karanja!

Coal and cement cargoes attract extremely low handling rates and so are mostly transported in very high capacity, deep draught ships, through purpose built deepwater terminals with automated handling equipment.

As mentioned previously, handling these low value cargoes at a circa '$200m' build cost and still only half built break bulk terminal like Karanja is extremely expensive - NO PORT OPERATOR IN THEIR RIGHT MIND WOULD DO IT!

Even were they to handle 10 million tonnes (7 times more than last year) they would still only generate a pittance in total revenue. Dirty, low handling rate bulk cargoes are rarely shipped through break bulk cargo terminals for a very good reason - it's almost impossible to make any money from them!

The going concern situation is to be expected, as next years operating performance WILL be worse than this year based on the expected small ramp up in bulk cargo volumes, as they have simply replaced one customer who was renting storage and use of the quay (ie MPL received revenue but had no costs), with more low handling rate bulk cargo, that has very high handling costs at a port terminal like Karanja.

Totally uninvestible - the equity has been worthless since they claimed to have 'spent' $45m one year before they got onto the foreshore to start reclaiming the land on which to build the terminal !

My estimation of the current value of the terminal is around $25m - if you believe the books(and only an idiot would) they have 'spent' close to $200m part building Karanja Port over the last 10 years!

AIMHO/DYOR
Posted at 27/6/2024 07:35 by waterloo01
Not much to add.

The Company delivered revenues of £ 5.5 million. Statutory loss before tax was £ 21.26 million, equating to 0.11 pence per share."
Posted at 31/5/2024 16:01 by mount teide
The coal shipment port handling and storage rates for the volumes MPL handles would be very unlikely to cover the handling costs, never mind generate a surplus to buy a decent lunch, or pay back a few GBP of the interest on the circa £40m of bank debt!
Posted at 20/4/2024 15:28 by mount teide
Yes - they and the Nomad Representative Stephen Keys visited Karanja Port on numerous occasions - usually just before MPL were about to raise more funds to supposedly check the accuracy of the proposed market documentation to effect the cash raise - including prior to the Shareholders Circular in 2017 to raise another £37m.

A document Industry professional friends and I described as one of AIM's Greatest ever Works of Fiction. We were proved entirely correct. Stephen Keys failed to pick up on any of its fraudulent content, preferring to act more like MPL's defence council!


M&G - Richard Penny - who moved to Crux Asset Management about 2-3 years ago after losing 99% of his circa £15m MPL IPO investment plus 98% of further placing cash in MPL.

And guess what one of Richard's first investments at Crux was?

A shareholding in MPL on the basis of after falling so far, it was in his opinion now a Special Situation 'recovery stock'! The share price is since down a further circa 98%!

I rest my case your honour!


Posted previously on here:

'While Richard Penny may be a 'Hall of Fame' Fund Manager, like all of us he is not infallible and can occasionally get it wrong, sometimes spectacularly so, when investing in highly specialist sectors he has zero professional knowledge of.

When Richard was at M&G, his fund was one of the two major shareholders in Mercantile Ports & Logistics (MPL). Some industry friends and I tried in vain, via a number of long phone calls, to explain that the company was a huge fraud and how we knew.

Despite providing overwhelming evidence to support this view, he still went on to take part in a subsequent £37m Placing(after M&G had already put in £15m at the £72m IPO) ...that was supported by a Shareholders Circular I described to him as one of AIM's greatest ever works of fiction, and how I knew.

Sadly, the rest is history, the IPO investors who stumped up £72 million are currently 99.8% down, for what is a straightforward real estate investment. At the time shareholders were told by the lying shysters running the company, that the IPO funds were sufficient to ensure the company was fully funded through to completion of the build out and commencement of operations!

The company has since raised another £130 million from further placings and bank loans, yet after 12 years this tiny new port development is still not even half complete and has a carrying value in the books of circa £190m.

Two industry professionals and myself believe the current value of the work completed to date is around £20-25 million.

The banks who lent MPL £49m have a lien over the asset.

The former MPL CEO who was re-employed by MPL as a high paid consultant, was arrested in 2019 by the FBI on arrival at JFK airport, and charged with a carrying out a $300 million securities fraud in the US. He is currently out on a 7 $figure Bail awaiting trial(He pleaded guilty last year in a plea bargain deal).

The former MPL Executive Chairman who is still a Non Exec, has a criminal record for industrial scale insider trading and is currently the subject of a number of writs alleging fraud and embezzlement, including one stating he siphoned hundreds of £millions out of a company he previously had executive responsibility for into bank accounts held by him and his family. The company subsequently went in to administration.

M&G's original $15m is 99.8% down, and their subsequent placing 'investment' 99.2% down.

Incredibly, the scam is still ongoing today after the shysters running the company were able to keep the lights on by convincing the clueless II's to support another £47m of equity placings.

Link below to Letter sent to the General Council of Cenkos the City Broker who to this day still acts as their NOMAD - one of seven, which went unanswered ...... they didn't even have the courtesy to acknowledge receipt.

Shortly afterwards all references to MPL were removed from their website.

Most of the content was discussed with Richard, who subsequently decided to listen to the two UK NED's who suggested he was being misled - they resigned a few years later after trousering nearly £1m between them for doing Sweet FA for shareholders.'
Posted at 16/4/2024 14:20 by mount teide
R123 - if you had the faintest idea of how to manage a commercial port operation you would be aware that MPL's equity is totally worthless( has been for many years for the reasons I've posted here), and the single asset the company owns as pointed out by w01, is effectively owned by the banks, since they sensibly have a lien over the port asset.

I strongly suspect the Indian banks that extended £50m of loans to MPL will not be able to believe their good fortune, at the news that MPL's 'management' is continuing to pump yet further funds raised from equally clueless Institutional shareholders(who are mostly sitting on massive losses), to further develop the facilities, and thereby raise its value by a few more million.....which I would currently estimate at £20m.

This is still some £10m short of the £30m of loan that has been drawdown and 'spent' by the management before the banks put a stop on any further withdrawals - presumably after, as I suggested, they got an independent valuation of the not even 50% of land reclamation and low quality port infrastructure completed since they commenced work on the scam, err sorry, port project in 2015!

AIMHO/DYOR
Posted at 16/4/2024 12:36 by researchcentre123
I think info from 5+ years ago does not reflect the current status. Directors have changed and continued to buy in and NAV per share is an order of magnitude bigger than the share price. I think there could be large upside here
Posted at 17/3/2024 13:12 by mount teide
Karanja Port was fraudulently sold to its IPO investors and banks as a 200 acre port development project that would be built to handle high value, high revenue generating container, project cargo, road trailer, trade vehicle type cargo.

An impossibility since the access channel from Mumbai Harbour has a draft restriction preventing ships carrying this type of cargo from reaching the port without running aground at least 3 miles from the terminal's jetty!

Karanja can only handle very low volume bulk cargoes like coal arriving in barges and coasters - cargo which attracts ultra low handling revenue per tonne. In the eight months between Jan and August 2023, the port handled 863k tonnes of cargo - equivalent to that which could be loaded into just TWO China-Max dry bulk carriers!

Coal handled through the Port of Mumbai currently generates cargo handling revenue of less than £1 a tonne!

And don't forget, the results of the last two years will have been greatly boosted by having revenue(with little cost) from the civil engineering company that used Karanja Port as an operating base to build a bridge over Mumbai Harbour. That contract is now finished......so, all MPL has left is the pittance they earn from handling ultra low revenue generating bulk cargo's like coal and fertiliser.

This was the hitting out the park 2022 results,
£1.80m - Revenue
£6.30m - LOSS
£43.5m - Debt
£25.0m - Debt Interest and Capital Payable over the next 4 years
£1.00m - Estimated Cash
£1.75m - Market cap

To report an £6.30m loss on just £1.8m of revenue is almost as astounding as 'spending' £44m and only having around £2-3m of physical infrastructure to show for it a year prior to commencement of the land reclamation programme in 2015!

For those that like a laugh - the market will not have long to wait before the MPL 'management' deign to grace it with the results of their collective efforts in 2023.

Sadly for those still holding the stock, MPL's former 'management', both criminals with convictions for industrial scale securities fraud, left behind a bunch of fools to mind the bank's assets.


Worth revisiting some of the breathtaking shenanigans the two shysters who originally brought the project to the London AIM casino got up to with shareholders cash and the bank's loans - a link to help refresh memories:

A little taster:

'Totally implausible cash burn of circa £44m in the year PRIOR to the start of the Land reclamation work - nearly 2 Brinks Matt heists carried out in broad daylight!.

I estimate the cash burn should have been a small fraction of the £44m at circa £3-5m.

Totally implausible cash burn AFTER Land Reclamation started - £58m between June 2016 and June 2017, and an astonishing circa £21m during Q4/2016 when no on-site activity whatsoever was going on.'



When Jeremy Warner Allen was appointed Chairman in 2019, he 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."

I have since written to him and asked "what have you been doing for shareholders since joining the Board in 2018?"

As I noted, "in common with your predecessor you do not hold any shipping or ports industry professional qualifications or have any first hand senior management experience of either industry.

Consequently, as shareholders (one share), currently holding the highest professional qualifications the Shipping and Ports industries currently examine for, and with decades of senior management experience running ports and shipping companies, i'd like to offer some advice in your new role.

Suggest you start by appointing a reputable Marine Civil Engineering Consultancy to carry out a cost analysis of the Karanja Port construction work completed to date and then, after pouring yourself a very large brandy, compare the figure with the circa £160m carrying value that is currently in MPL's accounts for this 'asset'.

Once you've finished the bottle and sobered up, request the Marine Civil Engineering Consultants to then conduct a forensic audit (and give a professional opinion) on every payment over £10k made to contractors since 2012 - while they're doing that, we suggest you order yourself a case of vintage brandy for when you read the report.

Never received a reply ..... the rest as they say is history, with IPO investors now 99.8% down and most subsequent placing investors down by very similar amounts for what is a straightforward low spec real estate development.

The clueless II's who collectively gave the shysters £150m over the last decade for 'equity' should be arrested for impersonating fund management professionals.
Posted at 12/6/2023 08:27 by mount teide
MRF - M&G - Richard Penny - who moved to Crux Asset Management about 2-3 years ago after losing 99% of his circa £15m IPO investment plus further placing cash in MPL.

And guess what one of Richard's first investments at Crux was?

A shareholding in MPL on the basis of after falling so far, it was in his opinion now a Special Situation 'recovery stock'! The share price is since down massively!

I rest my case your honour!


Posted 18 months or so ago on here:

'While Richard Penny may be a 'Hall of Fame' Fund Manager, like all of us he is not infallible and can occasionally get it wrong, sometimes spectacularly so.

When Richard was at M&G, his fund was one of the two major shareholders in Mercantile Ports & Logistics (MPL). I tried in vain, via a number of long phone calls, to explain that the company was a huge fraud and how I knew.

Despite providing overwhelming evidence to support this view, he still went on to take part in a subsequent £37m Placing(after M&G had already put in £15m at the £72m IPO) ...that was supported by a Shareholders Circular I described to him as one of AIM's greatest ever works of fiction, and how I knew.

Sadly, the rest is history, the IPO investors who stumped up £72 million are currently 99.8% down, for what is a straightforward real estate investment. At the time shareholders were told by the lying shysters running the company, that the IPO funds were sufficient to ensure the company was fully funded through to completion of the build out and commencement of operations!

The company has since raised another £130 million from further placings and bank loans, yet after 12 years this tiny new port development is still not even half complete and has a carrying value in the books of circa £190m.

Two industry professionals and myself believe the current value of the work completed to date is around £20-25 million.

The banks who lent MPL £49m have a lien over the asset.

The former MPL CEO who was re-employed by MPL as a high paid consultant, was arrested in 2019 by the FBI on arrival at JFK airport, and charged with a carrying out a $300 million securities fraud in the US. He is currently out on a 7 $figure Bail awaiting trial.

The former MPL Executive Chairman who is still a Non Exec, has a criminal record for industrial scale insider trading and is currently the subject of a number of writs alleging fraud and embezzlement, including one stating he siphoned hundreds of £millions out of a company he previously had executive responsibility for into bank accounts held by him and his family. The company subsequently went in to administration.

M&G's original $15m is 99.8% down, and their subsequent placing 'investment' 99.2% down.

Incredibly, some 5 years later the scam is still ongoing after the shysters running the company were able to keep the lights on by convincing the clueless II's to support another £47m of equity placings.

Latest MPL Interim Results:

'Strong balance sheet with total assets of £148 million (June 2020: £168 million), a debt to equity ratio of 0.47 (June 2020: 0.38) and cash of £1.68 million at 30 June 2021 (June 2020: £ 7.80 million).'

Current Market Cap: £6.9m

Roy Chubby Brown wants to know where they get their stand-up material from!

Link below to Letter sent to the General Council of Cenkos the City Broker who to this day still acts as their NOMAD - one of seven, which went unanswered ...... they didn't even have the courtesy to acknowledge receipt.

Shortly afterwards all references to MPL were removed from their website.

Most of the content was discussed with Richard, who subsequently decided to listen to the two UK NED's who suggested he was being misled - they resigned a few years later after trousering nearly £1m between them for doing Sweet FA for shareholders.'
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