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Mercantile Ports&Log (MPL)


Thursday 09 September, 2021

Mercantile Ports&Log

Result of General Meeting

RNS Number : 3199L
Mercantile Ports & Logistics Ltd
09 September 2021

9 September 2021

Mercantile Ports & Logistics Limited

(the "Company")

Result of General Meeting


Further to the Company's announcements on 19 & 20 August 2021 regarding the conditional Placing, Subscription and PrimaryBid Offer to raise £10.1 million (before expenses) at a price of 0.45 pence per share, and the 100 to 1 Share Consolidation, the Company announces that all Resolutions put to Shareholders at today's General Meeting in connection with the Placing and Share Consolidation were duly passed.

A summary of the voting results is shown below:





% Voting For*

Resolution 1






Resolution 2






Resolution 3






Resolution 4






* This represents the number of votes that were cast for the resolutions as a percentage of the number of votes cast in total for each resolution, excluding Withheld votes, either in person or by proxy

Accordingly, the Company will raise a gross total of £10.1 million via the Placing, Subscription and PrimaryBid Offer through the issue and allotment of 2,244,947,810 new Ordinary Shares. An application has been made for the 2,244,947,810  Placing Shares to be admitted to trading on AIM, which is expected to take place at 8.00 a.m. on 10 September 2021.

Immediately following Admission on 10 September 2021, the Company's issued share capital will comprise 4,149,969,933 Ordinary Shares, of which none are held in treasury. As per the Circular posted to shareholders on 20 August 2021, the 100 to 1 Share Consolidation is expected to take place on 13 September 2021. From 8.00 a.m. on 13 September 2021, the Company's issued share capital will comprise 41,499,699 Ordinary Shares, of which none are held in treasury.

Hunch Ventures Subscription Monies

As noted in the announcement of 19 August 2021, the Hunch Ventures Subscription is conditional upon the provision of the Bank Guarantee pursuant to the provisions of the Subscription Agreement. The Company is pleased to inform that Hunch Ventures has instead transferred the Subscription monies to one of the Group's Indian bank accounts and the Group now has access to the funds. The Company views this as a better result than a bank guarantee and as such satisfies the conditions of the Subscription.

Unless otherwise defined, capitalised terms within this announcement have the same meaning as those within the 'Definitions' section of the Company's announcement dated 19 August 2021 under RNS Number 2252J .




Jay Mehta

C/O Newgate Communications

+44 (0)20 3757 6880

Cenkos Securities plc (Nominated Adviser and Joint Broker)

Stephen Keys

+44 (0)20 7397 8900

Zeus Capital Limited (Joint Broker)

Daniel Harris/Andrew Jones/James Hornigold

+44 (0)203 829 5000

Newgate Communications (Financial PR)

Isabelle Smurfit

+44 (0)20 3757 6880



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