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Mercantile Ports and Logistics – Floated at 2500p in 2010, placing today at 3p: who is mad enough to stump up? The curse of a Tory toff on board

By Tom Winnifrith | Friday 9 June 2023

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I kid you not. Allowing for a share consolidation, shares in Mercantile Ports & Logistics (MPL) – now 3.5p - really are down 99.86% from the IPO, not bad for a safe real estate development company operating in one of the world’s fastest growing economies (India). Okay so the last CEO has recently pleased guilty to a $300 million US securities fraud, we have highlighted numerous red flags on this website over the years but it has a Tory toff on board ( Lord Flight) so I suppose it must be terribly pukka after all. Today, yet another placing and retail offer with £8.9 million raised at 3p. Who could be so mad?
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