REG - Mercantile Ports&Log - Board Changes and Corporate Update

Mercantile Ports & LogisticsAnnouncement

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RNS Number : 0494E  Mercantile Ports & Logistics Ltd  13 May 2026

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Board Changes and Corporate Update

 

Mercantile Ports & Logistics Limited (AIM: MPL), the owner and developer
of the Karanja Port and Logistics facility in Navi Mumbai, India, is pleased
to announce the appointment of Marty Martin to the Board of Directors of MPL,
subject to completion of the customary regulatory processes.

Marty Martin is a former senior United States intelligence and national
security official with an extensive career spanning approximately three
decades in the U.S. intelligence community, including the Central Intelligence
Agency ("CIA"), U.S. Army Special Forces, and broader national security
operations. Mr. Martin served as a Senior Intelligence Service Executive
within the CIA and held multiple senior operational and leadership positions
globally.

During his career, Mr. Martin worked under four U.S. Presidents and played a
significant role in some of the most sensitive national security and
counterterrorism operations undertaken by the United States following the
events of September 11, 2001. He was involved in leading elements of the CIA's
global operations and held senior operational leadership roles across the
Middle East and other strategically important regions.

Mr. Martin also served as Chief of Station for the CIA's Near East Division
between 2004 and 2007, overseeing significant operational activity and
large-scale strategic programmes during a critical period for U.S. foreign
policy and national security operations. His background provides the Company
with deep expertise in international strategic affairs, geopolitical risk
assessment, and global stakeholder engagement.

At the same time, the Company announces that Karanpal Singh has informed the
Board that he wishes to step down from the Board of Directors, with Hunch's
interests continuing to be represented on the Board by Amit Dutta. The Board
thanks Mr. Singh for his contribution to the Company and for his continued
support of the Company.

Mr Martin's appointment is expected to support the Company at this important
time as it continues to pursue all available legal remedies in relation to its
Karanja asset. The additions to the Board will also help it evaluate strategic
opportunities outside India that may offer a more stable investment
environment, lower jurisdictional complexity, and attractive long-term upside
for shareholders.

As previously announced, the Company has formally challenged the decision of
the Committee of Creditors ("CoC") approving the resolution plan relating to
Karanja Terminal & Logistics Private Limited ("KTPL").

The National Company Law Tribunal ("NCLT"), Mumbai Bench, has now issued
notice in the proceedings and directed the respondents to file their replies.
The matter has been listed for further hearing on 8 June 2026.

The Company believes the listing of the matter before the NCLT represents an
important step in ensuring that the serious issues raised by MPL in relation
to the CoC process and the approval of the resolution plan are properly
examined.

The Company continues to maintain that the process surrounding the approval of
the resolution plan has been fundamentally flawed and remains committed to
pursuing all available legal remedies to protect shareholder interests and
recover value for stakeholders.

Jeremy Warner Allen, Chairman of MPL, commented:

"On behalf of the Board, I would like to sincerely thank Karanpal for his
contribution and support to the Company during what has been an exceptionally
challenging and important period for MPL."

Pavan Bakhshi, Managing Director of MPL, commented:

"We would like to thank Karanpal for his contribution to the Company. At the
same time, we are extremely pleased to welcome Marty Martin to the Board.
Marty brings decades of experience at the highest levels of U.S. intelligence,
geopolitical strategy and international operations, having worked under four
U.S. Presidents.

His appointment comes at a time when the Company continues to aggressively
pursue every available avenue to protect shareholder interests and challenge
what we believe has been a deeply troubling process surrounding our Karanja
asset in Mumbai.

We also believe that there are substantial opportunities for MPL outside India
in jurisdictions where international investors can deploy capital with greater
transparency, predictability and investor alignment. Marty's international
strategic experience will be invaluable as the Company evaluates those
opportunities while continuing the fight for our existing asset base."

Stefan Passantino, Non-Executive Director of MPL, commented:

"Marty Martin's appointment significantly strengthens the Board at an
important time for MPL. His experience at the highest levels of the U.S.
intelligence and national security community brings valuable geopolitical and
strategic expertise to the Company."

Enquiries:

 MPL                                c/o Cavendish

                                    +44 (0) 207 220 0500
 Cavendish Capital Markets Limited  Stephen Keys

 (Nomad and Broker)                 +44 (0) 207 220 0500

 

 

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