TIDMMPL
RNS Number : 0152C
Mercantile Ports & Logistics Ltd
16 June 2021
16 June 2021
Mercantile Ports & Logistics Limited
("MPL", the "Group" or the "Company")
Re-structured Debt Facility
and
Board Appointment
Mercantile Ports & Logistics Limited, which is operating and
developing out its port and logistics facility in Navi Mumbai,
Maharashtra, India is pleased to announce that it has successfully
negotiated and executed a re-structured debt facility with its
consortium of banks that both takes into account the significant
progress made with business at its Karanja port and logistics
facility while also recognising the acute disruption in India
caused by the Covid-19 pandemic.
The terms of the re-structured debt facility are favourable to
the Company, in summary:
-- Debt Interest Rate lowered from 13.45% to 9.5% per annum.
-- There will be a moratorium on interest rate payments until
February 2022 in recognition of the severity of the Covid-19
pandemic which is currently impacting India.
-- The commencement of the amortisation of the principal loan
amount has also been extended by 24 months from October 2020 to
October 2022.
While the interest moratorium and extended amortisation period
are a feature of the Reserve Bank of India's Covid-19 relief
policy, MPL is pleased to note that the almost 400 bps reduction in
the interest rate is based on the consortium banks own independent
viability report on MPL's business on the ground. The terms of the
re-structured debt facility underscore that the facility is now
revenue generating and has a healthy pipeline of future
customers.
MPL is also pleased to announce the appointment of Peter Mills
as a Non-Executive Director and Chair of the audit committee with
immediate effect.
Peter is an experienced Chairman and Board member, both
non-executive and executive, with a strong corporate governance and
regulatory understanding. He has a widespread industry knowledge
with approximately 30 years in onshore and offshore financial
services markets and broad involvement with government and
regulators. Having qualified as a Chartered Accountant in 1996, his
directorships have included banking groups, fund management
companies, fiduciary services companies, listed and unlisted
investment funds, captive insurance company and leasing companies.
His fund management and investment fund roles have predominately
been in the infrastructure, private equity and property asset
classes.
Jeremy Warner Allen, Chairman of MPL said , "The restructured
debt facility is testament to the growing strength of MPL's
business. The opportunities now available to MPL are significant
and it is very pleasing to note that our consortium of banks
endorse our business.
"Our Karanja based port and logistics facility has moved from
being a development project to becoming a revenue generating asset.
While the Covid-19 pandemic has, as for many companies in India and
around the world, had an impact on our business, I am pleased about
the progress that has been made by our business development team.
While navigating the Covid-19 restrictions, they have continued to
sign new customers and develop a healthy pipeline of new business
that could use the facility.
"I am also delighted to welcome Peter Mills to the MPL Board.
His extensive experience will bring invaluable skills and expertise
to the Group especially in his role as Chair of the Audit
Committee."
Jay Mehta, CEO of MPL stated , "The restructuring of our debt
facility is an important milestone. Our consortium of bankers,
after conducting their own diligence and viability studies in
conjunction with independent rating agencies, have deemed our
business worthy of a significant reduction in interest rate on our
term loan.
"I am also particularly pleased that the moratorium in principal
payments and interest payments gives significant flexibility to our
business as we navigate around the global pandemic. We continue to
make progress with potential end customers and will further update
the market in due course".
This announcement contains inside information.
Further information pursuant to Schedule Two, paragraph (g) of
the AIM Rules:
Peter David Mills, aged 51, is currently or has previously been
a director of the following companies within the past five
years:
Current Directorships
Guernsey Union D'Escrime LBG
Aspida Services Limited
Beauvoir Group Limited
Mercantile Ports & Logistics Limited
Basalt Infrastructure Partners III GP Limited
M&G (Guernsey) Limited
The M&G Offshore UK Inflation Linked Corporate Bond
Fund Limited
The M&G Offshore Corporate Bond Fund Limited
The M&G Offshore Global Dividend Fund Limited
The M&G Offshore Global High Yield Bond Fund Limited
The M&G Offshore Global Macro Bond Fund Limited
The M&G Offshore Recovery Fund Limited
Aspida Advisory Services Limited
Shelley Capital (Guernsey) Limited
Aspida Group Limited
EFG Private Bank (Channel Islands) Limited
Magellan Limited
Basalt Infrastructure Partners II GP Limited
BWE GP II Limited
Butterfield Trust (Guernsey) Limited
Basalt Infrastructure Partners GP Member Limited
KYC ME (Guernsey) Limited
Icondia Limited
The Finance Sector Non-Executive Director Forum LBG
BWE GP Limited
Basalt Infrastructure Partners GP Limited
Two Acres Limited
Mid Europa Fund Management Limited
Past Directorships
InfraRed NF China Real Estate Company Limited
InfraRed NF China Investors GP Limited
Beauvoir Tax and Accounting Services Limited
Shield Blockchain Infrastructure PCC Limited
Inside Africa Capital Advisors & Wealth Management
Limited
DEBL Capital Partners Limited
Enhance Group Limited
There is no further information required to be disclosed
pursuant to Schedule Two, paragraph (g) of the AIM Rules for
Companies
Peter holds no interest in the Company's shares
Enquiries:
Mercantile Ports & Logistics Jay Mehta
Ltd
C/O SEC Newgate
+44 (0)203 757 6880
Cenkos Securities plc Stephen Keys
(Nomad and Joint Broker) +44 (0)207 397 8900
Zeus Capital Limited John Goold (Corporate Broking)
(Joint Broker) +44 (0)203 829 5000
SEC Newgate Adam Lloyd/Isabelle Smurfit
(Financial PR) +44 (0)203 757 6880
mpl@secnewgate.co.uk
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END
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