Mercantile Ports & Logistics Ltd Accounts Filing Extension and Update (5908R)
30 Junio 2020 - 10:22AM
UK Regulatory
TIDMMPL
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 GBP7.6 million of cash,
together with access to an additional approximately GBP10.3 million
under its undrawn bank facilities and has approximately GBP11
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 Adam Lloyd/Isabelle Smurfit
PR)
+44 (0)20 3757 6880
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END
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