£7.6M In cash and £11M in advanced Payments.. MC £6M1 Jul 2020 10:24
Many have missed the RNS last night.. And maybe the last few..
So £6M market cap..
£7.6M in cash
£11M paid to contractors
£5.5M contract went ahead as planned in April.
£10.3M Undrawn Bank facilities
From last year..
On 9 September, we were delighted to announce the signing of our third customer contract, with Tata Project Limited and "Daewoo Engineering, as these parties use our Facility to execute their workstreams for the construction of India's longest sea bridge, the Mumbai Trans Harbour Link, which has an estimated build cost of approximately $2.1 billion. This contract is expected to translate into revenue for the Company in excess of GBP 5.5 million over a 40-month period starting April 2020, with there being provisions in the contract for an extension of an additional 18 months."
Last night..
"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 £7.6 million of cash, together with access to an additional approximately £10.3 million under its undrawn bank facilities and has approximately £11 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."
Do people expect the BOD to do a runner with the money or something I'm missing?
Sign In
Follow the stocks
