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Mercantile Ports&Log (MPL)

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Tuesday 30 June, 2020

Mercantile Ports&Log

Accounts Filing Extension and Update

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 £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.

 

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 PR)

Adam Lloyd/Isabelle Smurfit


+44 (0)20 3757 6880

 


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