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Does anyone know why the shares where suspended?
How to turn £1 million into £1,280 - let the MPL shysters look after your investments !
How to turn £1 million into £1,280 - let the MPL shysters look after your investments !
£0.75m revenue generated - this will be entirely ground rent for handing over a large area of the terminal and jetty to the third party building the Karanja Creek bridge.
£4.4m of annual Interest payments begin from March 2022.
Following which MPL will then have to repay £11.18 million annually to the banks - £6.78m in capital repayments plus £4.4m in interest!
By my reckoning the £10 million placing foolishly supported by the II's has improved the cash position such that its given the Shysters another 12 months or so on their II financed gravy train, before it finally hits the buffers and the banks repossess the facility under the lien they have over the asset.
AIOHO/DYOR
In June 2021 (Post year-end), MPL successfully managed to have its debt facility re-structured with the existing lenders on favourable terms including a c400 bps reduction in interest rate from 13.45% to 9.5%, deferment of principal repayment by 24 months and a moratorium on interest payment up to March 2022. The total size of the restructured facility is c.GBP 47.6 million repayable over 7 years in 28 quarterly installments starting October 2022.
Share price continues to drop
Shares suspended
No comms from the company
Press link company to environmental incident
The MPL ship wreck continues
“Taking into account the increasing number of boats and the resulting burden on Mumbai’s Sassoon Docks, the then government had decided to construct a new jetty at Karanja,” Baldi said. “In 2011, work on the project had even begun but it got stuck due to lack of funds.”
“Under Sagarmala Yojana, the state government has agreed to give its share of Rs 75 crore for the project. Once the entire process is completed, work on the jetty will begin in October.”
“To ensure that work begins in October, the minister ordered officials to initiate the tendering process at the earliest,” Nakhva said. “The jetty will be of immense help to the fishing community in Raigad coastal area.”
Spot on GF, karanja jetty seems to be a government project with nothing to do with karanja terminal.
https://www.google.co.uk/amp/s/www.hindustantimes.com/mumbai-news/work-on-new-jetty-at-karanja-near-mumbai-to-begin-in-october-says-minister/story-uyiu0W4gShWJoUqdBe455M_amp.html
Whilst it's clear this is happening at the location Karanja Creek, is it clear that this is the responsibility of MPL? The Times of India article describes and shows pictures of mangrove destruction at Karanja Jetty.
Note, that Karanja Terminal (owned by MPL) and Karanja Jetty (owned by ?) are not the same thing. It appears that the Times of India may have gotten confused, as I did back before I did my DD. If you look on Google Earth, there has been some recent and rapid development of Karanja Jetty, separate from the MPL owned Karanja Terminal.
This is a sad example of environmental destruction. I do hope the responsible party are appropriately handled by the authorities.
Times of India article: timesofindia.indiatimes.com/city/navi-mumbai/navi-mumbai-vast-mangrove-stretches-chopped-at-karanja-high-level-probe-demanded/articleshow/86651062.cms
Picture showing the different locations of Karanja Jetty and Karanja Terminal in Karanja Creek. imgur.com/a/sRDM2Cj
The location in Google Maps (Karanja Jetty is about 1.5km west of MPL's Karanja Terminal) https://goo.gl/maps/ZumMtdD84xa9Eops9
Shame they isn’t include this detail prior to the latest share raise and consolidation, if you care to convert some of the Indian articles about this incident one may conclude MPL have been aware of this for a while
Might it have something to do with this Story in the Times of India, reported today on the destruction of the mangroves at Karanja, high-level probe initiated (expect legal action). According to the Karanja Terminal website, the site is being is managed by MPL.
Suspension due to Environmental destruction on site?
If you invest a company in a highly corrupt country (according to the Corruption Perceptions Index), you deserve to be swindled. Best to stick with Funds and ETF's when investing in Developing countries.
Might be worth a call to ask what they are playing at and when we might see some photos of progress?
If you have any queries relating to the above, please contact the company's nominated adviser on +44 (0)20 7397 8900.
Smartalec. Rns re suspension. Maybe you will get your wish after all.
A great effort that @Airtyped33. Thanks for writing, and sorry about their 'nothing to do with us' response! Just typical. These sort of organisations always talk about transparency, protecting the small investor, but when the S&*t actually hits the fan, they just don't want to know. I'm sure there must be something rotten in the background with this Board. I wonder if you could fire off your letter to the https://www.financial-ombudsman.org.uk/consumers/how-to-complain. They deal with Fraud & Scams within the financial industry. Thanks again. Richard
Is that now 98% loss in share holder value since MPL began ?
I raised a report to FCA on Monday.
Reply from FCA:
Thank you for contacting the Financial Conduct Authority (FCA) regarding your concerns about Mercantile Ports & Logistics.
I understand you’re a shareholder in the firm but have concerns as the construction that began in 2014 hasn’t yet been completed and the firm has failed to provide adequate updates which is subsequently impacting the share price.
Our role
We’re tasked with regulating the UK’s financial markets as a whole and this means we’re unable to investigate or intervene on individual cases and we don’t have dispute resolution powers for individual complaints.
We’re therefore unable to intervene on this matter on your behalf or assist you in resolving your concerns with Mercantile Ports & Logistics. I note also that the firm isn’t authorised or regulated by the FCA which means they shouldn’t be providing any regulated financial products or services within the UK.
I’ve carried out a web-search for the firm to better understand their business and I’ve located a website which appears to belong to them; https://www.mercpl.com/. This website states that the firm develops port and logistics facilities in India. As this isn’t a regulated financial product or service, it likely explains why the firm isn’t authorised by us. If you believe that Mercantile Ports & Logistics is providing regulated financial products or services within the UK, please do let us know along with any supporting evidence you may have as this is something we will need to bring to the attention of our Unauthorised Business Department.
It’s important to note also that the owning of shares in a company is generally not regulated by the FCA.
Escalating your concerns
If you’re unhappy with the treatment you’ve received from Mercantile Ports & Logistics and you’ve been unable to resolve this matter with the firm directly, your next step would be to seek some legal guidance in order to establish your rights as a shareholder and any further options you may have available for recourse.
Whilst we’re unable to assist you directly, I do hope the information provided has been of use and thank you again for taking the time to contact us to share the details of your concerns.
Lastly, to help us improve our service, I’m interested in finding out about your experience with the Supervision Hub today. I’ll send you a link to a survey and I’d appreciate it if you could take a few moments to share your feedback on the service you’ve received.
Kind Regards,
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
No one should sell these little beauties buy at the lowest
Watch the bridge materials come flooding in and see MPL fly GLA
DYOR
Offloaded my small punt holding yesterday with a one third loss over 3 months. Pile of shiiite but strangely enough, had such an inkling when I invested. Eyes wide open and all that.
It's a Ponzi in IMHO
There needs to be an FCA investigation into where all the investor money is going! No obvious reason why another 7% has been wiped off the share price again. Rights issue 45p, share price now 33p. All in less than a month! Why? FCA please investigate.
Back in 2014 the Management told the market the company website would regularly be updated with progress photographs as construction of the terminal progressed.
How's that working out for shareholders who has since been diluted into oblivion - well, despite the 'port development' being in its 8th year of 'construction' and laughably having a claimed carrying 'value' of circa £200m, its still only around 25% developed compared to the much higher specification detailed in the 2010 IPO Document, that was put out in a construction tender won by ITD Cementation with an offer of £57m.
Answer: There has not been a single construction photograph posted on the Company website for nearly 4 years!
When Jeremy Warner Allen was appointed Chairman 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."
In 2019, we wrote to him and asked "what have you been doing for shareholders since joining the Board in 2018?"
As we 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 each), 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, we'd like to offer you some advice in your new role.
We 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'.
After you've finished the brandy 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 brandy for when you read their report."
To date we are yet to receive 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.
By way of comparison ITD Cementation built the World Class, much larger and vastly more complex Mumbai Terminal 4 Container Port ....located just 5km away..... in just TWO years. It went in to operation under budget and ahead of time.
hTTps://www.joc.com/sites/default/files/field_feature_image/bharat-mumbai-container-terminals-bmct-jnpt-credit-indian-ministry-shipping-fit.jpg
AIOHO/
fair enough StanAccy, the extra traffic from JNPT now that covid is under control in Mumbai and contracts for storage of raw materials for the mumbai bridge might be the next big triggers. But who knows, with the lack of comms and updates from the board, i still view this as a high risk high returns investment
Thank you for the link.
Zooming out slightly and reviewing the ship traffic volumes in Mumbai and near by Sheva highlight how MPL and port is no more than a white elephant.
Thanks GF, the marinetraffic.com link works for me
https://www.marinetraffic.com/en/ais/home/shipid:655467/zoom:10