Mercantile Ports & Logistics Ltd Board Changes and Update (9558Z)
16 Enero 2020 - 1:00AM
UK Regulatory
TIDMMPL
RNS Number : 9558Z
Mercantile Ports & Logistics Ltd
16 January 2020
16 January 2020
Mercantile Ports & Logistics Limited
("MPL" or the "Company")
Board changes and update
Mercantile Ports & Logistics (MPL) is pleased to announce
that Jeremy Warner Allen has been appointed as Chairman of the
Board of Directors at the Company. Mr Warner Allen, who joined the
board as an independent non-executive director in 2018, takes over
from Mr Nikhil Gandhi, who continues to remain on the Board of MPL,
and its wholly owned subsidiary in India, Karanja Terminals and
Logistics pvt Limited as a director and Founding Partner.
The Company can report that further progress was made in the
second half of last year. The infrastructure works on site for the
Daewoo Tata JV contract, signed in September, are continuing and
are on track to enable revenue under this contract to commence in
April, as planned. At the same time, there were further cargo
movements at the site in 2019 as potential customers trialled the
logistical and environmental benefits of shipping through Karanja.
These individual movements have been small but feedback from
customers has been extremely encouraging. Additional larger
contracts, referred to in previous announcements, are taking longer
to negotiate than hoped. Given the long-term nature of these
contracts, the Company recognises the importance of agreeing
optimum terms, and is prepared to take the necessary time to secure
them. The Company can confirm that all discussions that were taking
place in 2019 with potential customers continue and remain
positive. The Company is confident that these relationships will be
converted into contracts and that the Company will generate
meaningful revenue in 2020 as planned.
Commenting on the board change, Mr Gandhi said, "Jeremy is the
right person to Chair the Board of MPL as the Company's operational
activity increases. I remain fully committed to the Board,
management and to all our stakeholders and will continue to play my
part in strengthening and growing the Company in the many years to
come."
Jeremy Warner Allen 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."
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 Adam Lloyd
PR) +44 (0)20 3757 6880
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END
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