REG - Mercantile Ports&Log - Trading Update and Board Appointment

Mercantile Ports & LogisticsAnnouncement

27/02/2025 07:15

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RNS Number : 6155Y  Mercantile Ports & Logistics Ltd  27 February 2025

27 February 2025

 

Mercantile Ports & Logistics Limited

("MPL", the "Group" or the "Company")

 

Trading Update and Board Appointment

 

Mercantile Ports & Logistics (AIM:MPL), which is operating and continuing
to develop a port and logistics facility in Navi Mumbai, Maharashtra, India
provides the following update.

As reported in the Company's interim results in September last year, the
Maharashtra State election had caused some contracts connected to major
infrastructure projects in the region to pause, pending the outcome of the
election. With the elections complete, the Company is pleased to report that
the activity connected with these infrastructure projects has begun to flow
again.

Shareholders will be aware that the Company has, for many months, been in
discussions with its consortium of banks regarding the renegotiation of its
loan facility.  Whilst those discussions have continued to be constructive
and Company continues to have the support of its banks and its major
shareholder, Hunch Ventures, it has been a source of some frustration to the
Board that they have taken so long. It is also clear that the period of time
that has taken to conclude these discussions has had some negative impact on
the Company's ability to secure longer term contracts with customers.

Taking these factors together, and whilst still being subject to audit, the
Company expects to announce revenue for FY 2024 to be £4.6 million. However,
the Company is pleased to announce that, with the support of Hunch Ventures,
it is close to announcing a resolution to the debt position shortly and, in
the meantime, continues to have the support of Hunch Ventures, with the loan
facility provided by Hunch Ventures remaining undrawn.

The levels of enquiry to use the Facility are at record levels and the Company
is confident that, following completion of the banking solution, the Company
will return to the levels of growth that the Board had forecast.

At the same time, India is benefiting from some of the geo-political shifts
that have taken place in recent months. The strategic positioning of the
Facility (both geographically and financially) has attracted interest from
parties in the US, who see investment and commercial opportunities at the
Facility, particularly since the inauguration of the new US administration on
20 January 2025. In order to capitalise on these opportunities, the Company is
delighted to announce that Stefan Passantino will be appointed as
Non-Executive Director of the Company with immediate effect.

Mr Passantino has over 30 years of experience in election law, ethics,
campaign finance, and lobbying, representing corporations, political figures,
and advocacy groups. He has played a pivotal role in compliance and ethics
programs, having served as Deputy Assistant to the President of the United
States and Deputy White House Counsel, where he led the White House Compliance
and Ethics programs during 2016-2018.

Mr Passantino currently represents leading national political committees,
federal candidates, and advocacy groups. In the 2015-2016 election cycle, he
advised prominent SuperPACs and advocacy groups, including those aligned with
Ted Cruz, Rick Perry, Dr. Ben Carson, and the Trump Presidential Transition
Team. He also co-chaired the Republican National Lawyers Association Ballot
Access Project.

Notable clients include multinational corporations, tax-exempt advocacy
groups, and political figures, such as Newt Gingrich, J. Dennis Hastert, Rick
Perry, and several U.S. Senators and House Members. Mr Passantino serves as
General Counsel to entities founded by Newt Gingrich and Kelly Loeffler and
has over 20 years of experience providing ethics and lobbying training for
Congress, the Administration, and corporations.

Mr Passantino is a co-author of Handbook on Corporate Political Activity:
Emerging Corporate Governance Issues and a regular contributor to media
outlets like CNN, POLITICO, and FOX News. As a Visiting Professor, he teaches
campaign finance at Georgia State University College of Law and the University
of Georgia.

Jeremy Warner Allen, Chair of the Board, commented: "I am delighted to
welcome Stefan to the Board as Non-Executive Director. Stefan brings an
impressive track record as a strategic adviser, complemented by extensive
experience in corporate governance. As MPL looks to return to growth, I am
excited to see how Stefan's experiences and contacts can help MPL to create
value for shareholders."

 

Further disclosures required under the AIM Rules

In addition to his appointment to the MPL Board, Stefan Charles Passantino,
aged 58, holds or has held the following directorships or partnerships in the
past five years. Stefan currently holds no shares in the Company.

 Current                        Previous
 Elections, LLC
 The Gingrich Foundation, Inc.
 KSV Investment Designs

 

 

For further information, please visit www.mercpl.com or contact:

 MPL                                c/o SEC Newgate

                                    +44 (0) 20 3757 6880
 Cavendish Capital Markets Limited  Stephen Keys

 (Nomad and Broker)                 +44 (0) 207 220 0500
 SEC Newgate                        Bob Huxford

 (Financial Communications)         +44 (0) 20 3757 6880

                                    mpl@newgatecomms.com (mailto:mpl@newgatecomms.com)

 

 

 

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