LONDON, Dec 23 (Reuters) - South African-based Shaft Sinkers Holdings Plc SHFT.L, which builds infrastructure for underground mines, listed in London on Thursday so it can expand in India and the region surrounding Russia.
Its shares started trading at 130 pence, up 4.8 percent from the placing price of 124 pence, giving it a market value of 61.75 million pounds ($95.24 million).
The group is the top builder of vertical shafts in South Africa, home to some of the deepest mines in the world. It sunk the deepest ever shaft there at 3.1 kilometres.
"The listing will allow us to build on our strengths and expand into new industries and geographies requiring our expertise, particularly the CIS (Commonwealth of Independent States) and India," said Chief Executive Officer Alon Davidov.
Shaft Sinkers, originally part of miner Anglo American (AAL.L), is controlled by private mining group International Mineral Resources, according to its website.http://www.shaftsinkers.co.za/
[International Mineral Resources B.V. engages in mining and exploration services. The company is based in Amsterdam, the Netherlands. International Mineral Resources B.V. operates as a subsidiary of Eurasian Natural Resources Corp Plc.]
A placing of 24.7 million new shares raised 30.6 million pounds, most of which will be used to buy out some minority stakes, but it did not specify which ones. ($1=.6483 Pound).

Thanks for the info...I presume this is AIM, but I've not heard anything other than yr post.
Three things tell me "avoid", no, it's five:
1)Shaft
2)Sinkers
Their name is far from imaginative, as an "investment" I like to think there is some PHoom present. It must be an "established" name methinks, so there should be some expectatuion of dividends; darn quick to support this sp.
3)SP is somewhat high (50p max. for AIM, unless I know them).
4)Russia was mentioned and buying out X - why wouldn't they want to stay with an exciting future....?
5) that they are in SA - So, why list here? - It's to grab some money/influence. Not mine (no pun intended).
6) Oops - mine shafts, that not even "...a Liar standing by a hole...." - that IS the hole!

EDIT: Have just read a bit on the website, certainly looks like "Big Stuff" and the Russian-connection is for Potash (DYOR), so maybe this is (also?) a play on Commodities?
Still, a useful Posting Harrycat, thanks, I'll watch with interest.
EDIT (31Dec2010)- started at 135, rose quickly to 150 (now) then flat with few trades...

I await in anticipation for the schoolboy jokes! ;o)
Not been able to find the SHFT website yet. Will put in header when found.

Harrycat, not from me I hope.

Try this:-http://www.shaftsinkers.co.za/groupcompanies-ssi.html

But be warned, there I can find NO news relating to their London Listing...very odd, although some of their past-projects are quite impressive, but pictures are cheap.
BTW, LSE shows them on the full-list , but info. is somewhat thin; this may be for Institutions alone to risk our money.

Given as a buy in today's SHARES. I like the sound of this one,especially with all the money that is now pouring into the mining industry

Apparently SHFT was tipped in this weekends SCSW (Small Company Share Watch),
explains this mornings rise in share price.

Not a subscriber myself so I am not aware what was said...

The Shares recommendation was based on profits last year of 14.3 ,up some 48%. They specialize in deep and wide mineshafts. According to the article,global mining expenditure is expected to hit a record high of $115 billion this year.
At any rate ,they are up 20% in the last 10 days, and over 1/3 since floating on Dec 23

No movement on price,but a good deal of buying

I like this one--picks and shovels in a booming industry. I only have a small amount in my isa but it is slowly getting noticed.

Trading of 180 k shares already this a.m.
Is something going on?

Nice rise again, need to get more of these in my ISA

Shaft Sinker Hdg plc
Trading Statement
RNS Number : 6781A
Shaft Sinkers Holdings Plc
4 February 2011
Shaft Sinkers Holdings plc
Trading Update
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to provide the market with an update on trading since the Group's successful listing on the London Stock Exchange on 23 December 2010. It will announce its results for the period ended 31 December 2010 in mid April 2011.
Overview
Since its last reported results for the half year ended 30 June 2010, the Group has successfully commenced the Styldrift project with Anglo American Platinum Limited and Royal Bafokeng Resources which continues to proceed according to plan. The sinking of the shaft in Russia at OJSC MHK EuroChem's Volgakaly potash mine has moved into the main sink phase and remains well within budget. The Indian contract at Teesta Urja Limited's hydroelectric project has neared conclusion of the first tunnel and work progresses well on the second tunnel. Impala 16 and 17 projects for Impala Platinum are now progressing well. All other projects remain on track.

We continue to await the outcome of a tender for a major shaft complex for an existing South African customer. Opportunities in the CIS countries also continue to proceed.
Expected results
Operating results before exceptional items for the year ended 31 December 2010 are in line with expectations.
IPO expenses were higher than previously estimated and their accounting treatment remains under review. It is currently anticipated that 1.7 million of IPO expenses (net of reimbursement by selling shareholders) will be charged in the year ended 31 December 2010 and that the IPO Bonus of 3.8 million (before reimbursement) will be charged in the year ending 31 December 2011. The accounting treatment of a 1.2 million reimbursement of the IPO Bonus by selling shareholders remains under discussion.
Exceptional items for the year ended 31 December 2010 will also include the 1.8 million profit on the sale of the Group's investment in Alpha Resources.

The Standard Bank facility has been drawn down fully and the ABSA facility repaid. The Group ended 2010 with net cash of approximately 10 million after deduction of interest bearing debt.
Enquiries
Shaft Sinkers Holdings plc + 27 (0) 11 445 4407

Alon Davidov, Chief Executive Officer

Chris Hall, Chief Financial Officer
M:Communications +44 (0) 20 7920 2330
Ed Orlebar
Elly Williamson
This information is provided by RNS
The company news service from the London Stock Exchange

A nice 14.5 point jump today to 186.5

And another 7 this morn ,193.5

Tipped by Momemtum Investor this month, their tipping track record is excellent.

Although I started this thread, I somehow forgot about it! Have you guys got a target price, as I haven't seen it mentioned by any broker.

Harry
Shaft Sinkers Holdings initiated with buy rating at Arbuthnot, target price 220p .

Ah, thanks.

A dividend is expected to start this year at 7.9p. They also have an order book of 475m, of which 160m is expected to fall this year.

I think it's a great little stock with great potential. Waiting to get some more in my ISA in April. So Momentum Investor looks to have been driving this up this week.

Shaft Sinkers Holdings plc ("Shaft Sinkers"; "the Group" or the "Company"), the international shaft sinking and underground construction group, is pleased to announce final results for the year ended 31 December 2010.

Financials
Revenue of GBP183.1 million up 24% to (2009: GBP147.9 million)

Profit before Income Tax of GBP16.7 million, an increase of 34% (2009: GBP12.5 million)

Basic Earnings per Share of 30p up 27% (2009: 24p)

Strong financial position with net Cash and Cash Equivalents of GBP11.1 million at year end (2009: net borrowings of GBP6.6 million)

Highlights

Successful listing on the London Stock Exchange on 23 December 2010 raising approximately 30.6 million

Committed 488 million order book over the next four years

Award of Styldrift contract with new clients Anglo Platinum and Royal Bafokeng Nation

Extension to Moab contract

disposal of Eureka gold mine stake in Zimbabwe
Commenting on the results Alon Davidov, CEO of Shaft Sinkers Holdings plc, said:

"I am pleased to report that the group has exceeded our expectations for the 2010 financial year. This year marked a new chapter in Shaft Sinkers' history with our listing on the London Stock Exchange on 23 December 2010.

"In 2011 we look forward to delivering on our strategy of expanding internationally using our solid funding base and to create value for our new shareholders."

Enquiries
Shaft Sinkers Holdings plc
+ 27 (0) 11 445 4407

Alon Davidov, Chief Executive Officer

Chris Hall, Chief Financial Officer

M:Communications
+44 (0) 20 7920 2330

Elly Williamson

Maryle Guernier

The market is clearly impressed - up 25 points {15%}

Broker note from Arbuthnot:
FY10 results are 4% ahead of our estimates for local currency revenues, 18% ahead at the operating profits line, and 18% ahead at the net income line. Management comments that the results are ahead of their own expectations. We maintain our Buy rating and increase our DCF-derived target price from 220p to 260p.

Headline revenues of 183m up 24% YoY (our estimate 165.5m), and up 7% in Rand to ZAR1943m (our estimate ZAR1870m), so this is a 4% beat to local currency revenues but operating profits are 18% ahead of our forecasts on a comparable basis (at 18m, including a 3.8m provision release and a 1.8 disposal profit; we had estimated 15.3m on the same basis). The beat at the operating level appears to be mainly due to lower operating costs than we had forecast, and slightly lower IPO charges (1.1m against our estimated 1.7m). Net income of 12.6m (+27% YoY) is 18% ahead of our estimate.
A note on our FY10 operating profits estimate: we had forecast 15.2m, but this did not include 1.8m expected profits on the Alpha stake or an anticipated 1.7m of IPO costs, so the comparable estimate is 15.3m. Reported operating profits of 18m are therefore 18% ahead of our estimate.

We make no changes to our underlying estimates for FY11; ZAR2311m (+11% YoY), and operating profit of 16.9m, but a much better cash position than we had anticipated (10.6m of net cash against our estimate of 3.2m of net debt) means we lower our net finance costs estimate for FY11 from 1.6m to 1m, and we reduce our estimate of annual LTIP charges from 1.5m to 1m. Net of minor tax adjustments, we consequently increase our FY11 net income estimate by 10% to 7.4m, or 10.1m adjusted for the IPO bonus charge which will be charged in FY11. On this basis the shares are trading on 7.7x adjusted FY11 earnings.

Cracking results. I used my ISA allowance this year to double up on my holding a couple of weeks ago. Should be a great hold.

It seems to me, that with money pouring into the mining sector at record levels, SHFT can only benefit.

Won't be long before we break the 2 barrier for good.

Reading elsewhere, tipped today by Small Cap Shares Team.

but it's yet another illiquid stock, so beware

Tipped today and sold on Monday.

But the upside is that several new contracts are being tendered for, so the surprise is more likely a pleasant one.

A prospective dividend yield of 4% and operating on about 9 times this years earnings . Profits are up 34% to 16.7 million They look pretty good to me.
The shares have had a good run , but certainly one worth holding , methinks.

Shares' reiterate their buy recommendation at 188 , saying more deals are in the pipeline.

Talk of a big contract win according to house broker Arbuthnot.

I reckon the recent cooling off in the mining sector is about over, At any rate , even that should not affect their expansion plans . A long term winner,

Shaft Sinkers Holdings plc (LSE:SHFT), is pleased to issue the following Interim Management Statement covering the period from 1 January 2011 to the current date.

Overview
Following on from its strong 2010 results the Group has continued to trade in line with the Board's expectations.

Revenue has benefited from additional scope at our Lonmin Saffy and Hossy shafts. However, margins have suffered slightly due to some standing time at our Impala 16 and 17 shafts as a result of a rope replacement incident and other technical difficulties which have now been rectified. The rate of sinking of the shaft in Russia at OJSC MHK Eurochem's Volgakaly potash mine has slowed slightly, due to difficult ground conditions. All our other projects remain on track.

The Group continues to experience a high level of tender activity in South Africa, Russia and India.

Safety remains a paramount factor and the Group continues to ensure it is implementing best practice in this area.

Financial position
The Group's financial position remains strong.

Outlook
With trading in line with expectations the Board remains confident of the Group's prospects.

As in 2010 with the commencement of the Styldrift contract, the outcome for 2011 before exceptional items is also likely to be weighted towards the second half reflecting the expected incidence of work on our major contracts.

H1 2011 results will include exceptional charges of GBP 2.0 million in respect of the IPO bonus and GBP 0.5 million in respect of the Group's Long Term Incentive Plan, in contrast with H1 2010 results which benefitted from a GBP 3.8 million contract settlement exceptional gain.

StockMarketWire.com
Shaft Sinkers Holdings will announce its results for the six months to the end of June on 31st August 2011.

FWIW the Market's fear of World Economic collapse is affecting even this mammoth,
down below Float (DYOR), and I presume even the prospect of a divi - is all in the price.
Can somone confirm this is Full List and ISA-able?
(I don't hold for reasons stated on p1).Mid=132p
Reading Harrycat's post=35, . . . reads OK.

+Other LT views, I wonder?

Shaft Sinkers Holdings plc

Re Teesta Urja Operation
Shaft Sinkers Holdings plc ("the Company") (LSE:SHFT), the international shaft sinking and underground construction group, announces that work on its project for Teesta Urja in India was suspended on 20 September 2011 following the earthquake in the Sikkim province on 18 September 2011.

The project is located close to the earthquake's epicentre in an area that has suffered damage. There were no injuries to the Company's employees and there is no immediately apparent physical damage to the project or to equipment. The company has taken the precaution of evacuating all employees, as logistical access to the site is affected.

The financial impact of suspension of operations is unlikely to be material. The company is investigating the safety parameters that would allow operations to resume and the project to be completed and will update the market in due course.

Given up on this, One and All?
77p down from float at 150p and a following rise - arghh!

What I don't understand is why an experinced Co digs a hole in a known earthquake zone...... foolish or was that the onl;y deal in Town?

Bargepoles methinks, one of the most difficult things in business is to know when not to take on a job.

A lot of the mining sector is being clobbered at the moment, worse than most methinks

StockMarketWire.com
Shaft Sinkers Holdings, the international shaft sinking and underground construction group, has confirmed that due to the continued slow progress resulting from extremely difficult ground conditions, it has entered into discussions with its client EuroChem with a view to amend or terminate the contract.

Sinking works have now been suspended and the parties are in negotiation on the way forward. A further update will be made in due course.

Right name

Oh dear.

This company does not need a problem like this. More jobs at risk.

Is this not only one contract of many, not armageddon.. A 30% drop seems a bit over the top.Especially in view of already steep falls.

After falling about 150 points from its highs,to 40, it looks like some sort of recovery is on the cards.
At any rate up 7 in the last few days

StockMarketWire.com
Shaft Sinkers Holdings anticipates that results before exceptional items for the year ended 31 December 2011 will be ahead of market expectations.

Unaudited group revenue has grown by some 20% from £183 million in 2010 to approximately £220 million in 2011 despite a slightly weaker exchange rate. However, in constant currency terms, revenue has grown by approximately 23%.

Exceptional items are expected to comprise a charge of £3.8 million for the IPO bonus as disclosed in the Prospectus, the second half of which was paid in early 2012.

The Group ended 2011 with net cash of approximately £6.0 million after deduction of interest bearing debt of around £16.4 million.

19 March..
Westhouse Securities.. 'Strong Buy'.. target 170p

Reiterates

I hold

170p would be very nice! I also hold from 71p.

Contracts Awarded - Impala Platinum
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce it has been awarded the contract for development of levels 21 to 24 of the Impala 16 ventilation shaft for Impala Platinum. The contract is scheduled to be completed in June 2013 with a total value of £28.6 million (R348.2 million).

The Company is also pleased to announce the award of the shaft services contract for the Impala 16 ventilation shaft, scheduled to be completed in June 2013, which has a total value of £12.5 million (R148 million).

Finally, the Group has also been awarded an amendment to the existing contract for additional work in the equipping of the Impala 16 main shaft for a total value of £6.7 million (R81.9 million).

The contracts are in line with management expectations for new works and contract extensions to be secured during the year.

Contract Awarded - Afplats

Shaft Sinkers Holdings plc is pleased to announce it has been awarded a new contract.

The contract is for the continuation of sinking activities on the Afplats Leeuwkop project main shaft to a depth of 325.8m. The contract commences immediately and is scheduled to be completed in September 2012 with a total value of £11.05 million (R134.7 million).

The contract is in line with management expectations for new works and contract extensions to be secured during the year.

Speaking today, Alon Davidov, Chief Executive, said:

"The award of this contract is testimony to our quality of execution and client commitment. The project has progressed well and we look forward to working with Afplats to deliver on this, as well as future expansions of their projects."

B 84p - O 87p. Doing very nicely on the back of a number of contract gains. Somewhere around 100p looks likely in the short term, imo.

StockMarketWire.com
Shaft Sinkers group remains financially sound and despite the economic slow-down has seen an ever-increasing number of tender enquiries which should add to the order book in the year ahead.

Revenues grew by 23.7% in 2011, to GBP226.5 million (2010: GBP183.1 million). The increase is mainly attributable to higher revenues at Lonmin's Saffy and Hossy shafts where Shaft has additional capital development contracts.

Gross profit increased by 31.2% to GBP38.3 million (2010: GBP29.2 million). However profits for the year decreased by 31.0% in GBP terms after taking account of the exceptional items in 2010 and 2011.

The Group's cash position remains strong after having utilised part of the funds raised at the IPO on winder refurbishment and part to expand working capital.

The company paid a maiden interim dividend of 2.4p per share in October 2011 and the Board is recommending a final dividend of 4.8p per share payable in June 2012.

Highlights
· Revenue up by 24% to GBP226.5 million (2010: GBP183.1 million)
· Gross profit margins up by 31% to GBP38.3 million (2010: GBP29.2 million)
· Adjusted profit before tax up 29% to GBP16.6 million (2010: GBP12.9 million)
· Adjusted EPS up 28% to 23.4p (2010: 18.3p)
· Earnings per share 18.3p (2010: 29.8p) after exceptional items
· Maiden interim dividend paid 2.4p
· Final dividend recommended 4.8p
· Net cash and cash equivalents of GBP6.1 million (2010: GBP11.1 million)
· Year end committed order book GBP301.1 million (GBP206.9 million excluding EuroChem contract)
· Strong tender pipeline
· Safety statistics improved

BFN
Roger Williams, Non Executive Director, bought 50,000 shares in the company on the 24th April 2012 at a price of 82.00p. The Director now holds 50,000 shares.

Nicely through the 200 DMA. Hoping for a pause for breath to establish a nice base for future support.

Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce it has been awarded a new major contract in the Bhilwara district of India.

The contract, awarded by Hindustan Zinc Limited, a Vedanta Group company, includes the sinking of the main shaft as well as the north and south ventilation shafts at the Rampura Agucha mine, located in the Bhilwara district which is in the state of Rajasthan in western India.

The US Dollar based contract, which commences immediately, is scheduled to be completed in 2017. The contract is in line with management expectations for new works to be secured during the year.

After taking into consideration the total revenue from this contract award the Company's order book now stands at £401 million.

RNS Number : 5903E
Shaft Sinkers Holdings Plc
01 June 2012

1 June 2012

Shaft Sinkers Holdings plc ("Shaft Sinkers" or the "Group")

AGM and Interim Management Statement

Ahead of the Annual General Meeting being held later today, Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to issue the following AGM and Interim Management Statement covering the period from 1 January 2012 to the current date.

Results from trading for the 2012 financial year are forecast to be in line with expectations and the Board remains confident of the Group's prospects. Below is an overview of the performance of the Group's principal projects.

South African Operations
Revenue and margins at the Lonmin Saffy and Hossy projects have benefitted from continuing work on the shafts which are expected to be completed at the end of this half year, while extensions to the scope of work for capital development at these shafts has benefited results.

Revenue at the Lonmin Karee 3 shaft and ore development has been slightly below management's expectations due to lower development rates, resulting in lower margins.

At AngloGold Ashanti's Moab shaft revenues and margins are slightly ahead of expectations.

At the Impala 16 shaft revenues and margins are slightly ahead of expectations and margins have benefited from additional scope of work for capital development. While revenues at the Impala 17 shaft have met expectations, direct operating costs have been higher than we anticipated, resulting in margins below expectations.

Efforts to improve sinking rates at Royal Bafokeng and Anglo Platinum's Styldrift No. 1 shaft have started to show results although revenues and margins in H1 are expected to be behind target.

Revenue and margins at the Hernic Ferrochrome decline shafts are slightly ahead of management's expectations.

At Afplats' Leeuwkop shaft revenues and margins are behind management's expectations for H1 due to the timing of the award of the current phase of work.

The net impact of the different status of contracts in South Africa is that overall, South African operations are trading in line with expectations.


International Operations

Discussions are continuing with EuroChem on the settlement of outstanding amounts.

Following the award of the Hindustan Zinc Limited contract at the Rampura Agucha Mine, we have commenced mobilisation work. Billing and advance payments are expected to take effect during July 2012, slightly ahead of schedule.


Safety
Safety remains of paramount importance and the Group continues to ensure it is implementing best practice in this area. The group has recently achieved 2 million fatality free shifts in South Africa, an important achievement in the South African mining industry.


Financial position
The Group's financial position remains strong and we expect to have a net debt position of £4 million at 30 June 2012, before the receipt of advance payments on our Hindustan Zinc contract. These will only be received in July 2012 following official registration of the project with the Indian authorities.

Appointment of Chief Operating Officer
We are pleased to announce that Louis Germishuys has been appointed as Chief Operating Officer with immediate effect. He brings over 24 years of international mining, sinking and contracting experience including a previous period of employment as Head of Operations at Shaft Sinkers.

Outlook
The Group continues to pursue new projects and is awaiting client adjudication on several tenders and proposals in South Africa, The DRC, Russia, and Kazakhstan.

Results from trading for the 2012 financial year are forecast to be in line with expectations and the Board remains confident of the Group's prospects.

Alon Davidov, CEO, commented: "We are working very hard to secure substantial new contracts to build long term strength in the order book and we are confident that this high quality order book will lead to sustainable revenue streams and on-going returns to shareholders.

"On a separate note, we are delighted to welcome back Louis to Shaft Sinkers as COO. His extensive experience will complement and enhance the existing management team and we look forward to working with him again."


Enquiries
Shaft Sinkers Holdings plc + 44 787 595 1362

Alon Davidov, Chief Executive Officer

Chris Hall, Chief Financial Officer
M:Communications + 44 (0) 20 7920 2330

Ann-marie Wilkinson

Elly Williamson
Notes to editors

Shaft Sinkers Holdings specialises in the sinking of particularly deep and large diameter vertical and decline shafts and the development of underground infrastructure, used primarily in mining and hydropower applications.

The Group is a world leader in vertical shaft sinking with a focus on particularly deep and/or wide vertical shafts. It has the capability to sink shafts through all types of rock strata, including running sands and clay. The Group works principally for established mining and infrastructure companies.

Historically, the Group has completed projects in over 20 countries worldwide across Africa, Europe, South America, the Middle East, Asia and Australia. The group is on record for sinking one of the deepest shafts in South Africa used for conveying men and material to a depth of 3 131 meters below surface.

Major current projects and customers include the Shaft 16 and 17 complexes for Impala Platinum, Leeuwkop for Afplats, the Styldrift project for Anglo Platinum and Royal Bafokeng Resources, the Lonmin projects include Karee 3, Hossy and Saffy, the Hernic Ferrochrome project, the Moab project for AngloGold Ashanti and Rampura Agucha for Hindustan Zinc Limited.

This information is provided by RNS
The company news service from the London Stock Exchange


I hold

DJ INTERVIEW: Shaft Sinkers Focuses On Orders; Mulls Acquisitions, JVs

By Iain Packham

Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--Shaft Sinkers Holdings PLC (SHFT.LN), a mining services provider, is primarily focused on winning new contracts and building its order book, but is also looking to make acquisitions or form joint ventures to ease its way into new markets outside of its core regions of South Africa and Russia, its chief executive said Friday.

"Absolutely the focus this year has been to get the order book nice and comfortable. It's already a lot more comfortable than it was two months ago, it's almost double, and we need another project to give us that three-to-four-year comfort zone," CEO Alon Davidov said.

"In parallel, we're looking at doing some localized acquisitions or joint ventures to try and make our landing in some of the [new] territories a little bit easier," he added.

Davidov said the company has earmarked one or two acquisition opportunities, but will first focus on "bedding down" its new tender opportunities.

The company is awaiting decisions on several tenders and proposals in South Africa, Congo, Russia and Kazakhstan.

Shaft Sinkers has also had interest in its services further afield, Davidov said, citing South America, specifically Peru, and the South Pacific.

"As far as new tenders, zinc, iron ore, gold and copper that's where we're seeing a lot of activity," Davidov said. "We're very positive about a major new contract coming through in the next few months."

In April, the company's order book stood at GBP301 million, with tenders out for GBP1 billion of work, but it was boosted significantly in May by a GBP401 million contract from Hindustan Zinc Ltd. (500188.BY) in India.

"We believe that that [the Indian contract] is going to be a launching pad for us into some other major projects in that region with some significant players, who are already in talks with us, but still a little bit in the early stage," Davidov said.

As well as the new contracts, the type of work being tendered is shifting more toward production replacement from mine start-ups, he said.

"The majority of the projects that we're looking at, at the moment, are mainly replacement infrastructure, in other words, we're seeing companies with open pit mines that are reaching the end of their useful lives and have to go underground in order to maintain production, not to expand production, just to maintain production," Davidov said.

"Sinking a shaft takes four to five years, so you have to take that outlook in order to ensure that you are going to be able to produce in four, five or six years," he said.

At 1220 GMT, shares were up 1.5 pence, or 2.0%, at 75.0 pence.

By Iain Packham, Dow Jones Newswires

I hold

StockMarketWire.com
Work has been suspended by Shaft Sinkers Holdings, the international shaft sinking and underground construction group, at all three of its Impala 17 shafters after a fatal accident at the mine.

It happened last Thursday when Mr Salomão Chunguane died after an accident involving a fall of ground.

He had worked for the company for 20 years.

A full investigation is underway involving, among others, organised labour, the appropriate authorities and management. The findings will be presented to the Department of Mineral Resources.

Shaft Sinkers Holdings plc (LSE:SHFT) today announces that the initial phase of the investigation into the accident announced on June 11 2012 has been completed and operations have resumed at all three Impala 17 shafts.

http:// www.proactiveinvestors.co.uk/register/event_details/156

SHFT presenting at the One2One Investor Forum in London on Thursday 19th July. Starting at 6pm at the Chesterfield Mayfair Hotel, W1J 5EB. Free to attend. Register on Proactive Investors site

Worth a watch!!

http://www.proactiveinvestors.co.uk/companies/stocktube/1246/shaft-sinkers-ceo-is-confident-on-prospective-deal-flow-and-a-significant-uplift-in-cash-1246.html

Thought I would bring this to the fore.

Interesting move in SP with news out by month end.

They tell me the chart looks good also!

Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, today announces its half year results for the six months ended 30 June 2012.

Key Points
· Revenue of GBP100.4 million (H1 2011 : GBP112.3 million), 10.6% lower than H1 2011.

· Revenue in our key South African market remains strong

· Gross margin reduced to 10.5% (H1 2011 : 17.0%)

· Effective tax rate lower at 26.9% (H1 2011 : 35.0%)

· EPS lower at 1.6p (H1 2011 : 8.5p, 12.0p on an underlying basis)

· Net debt of GBP8.6 million (31 December 2011 : Net cash GBP6.1 million), improved post period-end by GBP16.3 million cash inflows

· Interim dividend declared of 2.4p per share, reflecting confidence in future prospects

· Appointment of Mr. Stephen Oke as Chairman following the departure of Mr. Amre Youness

Operational Summary
· Award of Hindustan Zinc Limited contract, building on Indian presence and increasing project diversity

· Award of additional contracts at Impala

· Order book up to GBP347.9 million (31 December 2011 : GBP301.1 million)

· Strong and diversified tender pipeline of over GBP1.1 billion (31 December 2011 : GBP1.0 billion)

· Appointment of Louis Germishuys as Group COO and MD of South African operations.

Commenting on the results Alon Davidov, CEO of Shaft Sinkers Holdings plc, said:

"The first half of the year has been disappointing, in large part due to operational issues in South Africa, and while we anticipate meeting our revenue expectations for the full year, it is uncertain that we will fully make up the first half profit shortfall. The appointment of our new Group COO and MD South Africa, Louis Germishuys, will enhance our efforts to improve profitability. We have started to see signs of success in our international expansion programme and in diversifying the industries to which we are exposed. We believe that our Hindustan Zinc contract win is a sign of good things to come, and our order book is growing once more. Despite the current challenges, we remain confident of our prospects."

Commenting on the Board changes Mr. Youness said, "It has been an honour being the Chairman of Shaft Sinkers these last years. I believe that I leave the Company and the Board in strong and capable hands."

Mr Oke, the new Chairman of Shaft Sinkers, added, "I am pleased to accept this role and look forward to continuing the good leadership of my predecessor in achieving the strategic goals and ambitions set by the Company, its Board and Management."

When is Ex Divi date?

5th Sept '12 (2.4p)

StockMarketWire.com
Shaft Sinkers the underground construction group, has been selected by Randgold Resources Limited to initiate mobilisation activities for the Kibali gold mine in the Democratic Republic of the Congo (DRC).

Kibali is a joint venture between mine operator, Randgold Resources (45%), AngloGold Ashanti (45%) and Congolese parastatal, Sokimo (10%). The project is situated near Doko, in the north eastern Orientale province.

StockMarketWire.com
AngloGold Ashanti's mines in South Africa are currently not operating due to the unprotected strike which started at the Kopanang operation and has subsequently spread to their remaining five operations, including the Moab project where Shaft Sinkers is contracted to provide services.

As a consequence, Shaft Sinkers' work at the Moab project has been interrupted pending resolution of the unprotected strike.

Shaft Sinkers' work under this contract is substantially complete and the revenues outstanding do not represent a material proportion of the Company's 2012 order book.

However, management is conscious that the general operating environment in South Africa continues to be difficult and will continue to monitor the impact of this on its wider business.

Sorry for any holders, thankfully I don't have any. It's gut-wrenching in the share business when this sort of thing happens;

Statement re EuroChem

Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, notes the announcement made by EuroChem today that it has filed a claim against Shaft Sinkers (Pty) Ltd in relation to the Company's project with EuroChem, which was terminated with effect from 20 April 2012.

Shaft Sinkers has not yet received notification of the arbitration claims but believes that any such claims are without merit and will contest them robustly. Shaft Sinkers is finalising its claims against EuroChem arising out of the termination of the contract and will pursue these claims against EuroChem.

Further announcements will be made as and when appropriate.

shareholders have been shafted, what a stinker!

Difficult one this, it has all the warnings signs (for me) to stay away . . . see my early posts (#2, #4), after Harrycat...way back.
[[[Harrycat, you still holding from ~70p?]]]
It started at 130p, rose to 180p and beyond, then fell back and has more-or-less continued to fall as the Market realises this isn't a Multi-bagger (but could it have been from such a strong starting price?).
Mining stocks have been in decline, possibly due to World recession affecting "hope" and China's demand for raw minerals . . . . but is now a "buying opportunity" when you can buynearly 5x the number of shares compared with "better" times....yet there is Litigation, which is uncertain and expensive . . . . as Big Boys throw their weight about, it's the poor shareholders that suffer.
Is there a risk they might delist (wash my mouth!)?
Now 37p......so I suspect we might see 20p's before the Litigation is over . . .
Has anyone (here), been to an AGM, I wonder? . . . this is SA based and for me it's "difficult to watch"
EDIT (15Dec2012) - now 43p but then it's only part listed....most shares are held tightly. DYOR.

No. I bought on 20th March '12 at £0.707 and sold on 24th May '12 at £0.7725. I received the divi on 15th June '12, so was reasonably happy with that trade. As you may have gleaned from other posts of mine, I tend to trade stocks on a short term basis, which pay a reasonable divi and a small capital profit. So I traded this and moved on, though I still keep my eye on it. Possibly more luck than judgement that I didn't re-invest.

Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, advises that on Wednesday 17 October 2012 some of its workers at Lonmin's Saffy shaft embarked on an unprotected work stoppage.

This disruption to operations comes amid unprotected action elsewhere in South Africa's mining sector. Management's priority is to maintain safety, peace and stability and to continue constructive dialogue with employees whilst adhering to the Labour's Relations Act.

Work at the Moab project for AngloGold Ashanti continues to be interrupted due to the illegal and unprotected strike there, as previously announced on 5 October 2012.

Should the broader on-going industrial action in South Africa's mining industry continue, this may adversely affect the margin earned on the Company's South African operations. The Company will provide further updates as and when appropriate.

StockMarketWire.com
Shaft Sinkers Holdings the underground construction group, announces the award of additional work on its existing projects at Impala's 16 and 17 Shafts.

At 17 Shaft the Company will carry out additional underground development work to increase the excavation size of the mining levels including additional support and construction requirements, these works combined with additional costs, add £10.35 million to the order book.

" Sink" is unfortunately the operative word here ! - along with most of the mining sector based in Africa.

Od deary me! Hardly a word here . . and it created so much excitement . . . HARRYCAT - (thanks for yr info, BTW), do you still hold and did you get (are you still gettng) the dividend . . .?
Whilst I don't like so much about this Stock-listing, it might just be worth a punt for the long-term . . . the trouble is they might cut and run, having lost their value from a London-Listing.

Does anyone know the state of that Strike at Moab?

No, my post #72 gives you the low down on my investment. One of the few stocks where I saw the bad times on the horizon and exited pdq!!! I got my £179.00 divi on the 6th June.

Outlook
It is expected that profitability for the current year will be significantly higher than 2012, benefitting from a full year contribution from the two new contracts awarded in 2012 (Hindustan Zinc and Kibali Goldmines), an improved operational performance and the contribution from expected new contract awards in 2013. The Group has made significant strides in achieving a return to technical excellence.

Speaking today, Alon Davidov, Chief Executive, said:

"The 2012 financial year presented us with a number of challenges. We encountered a number of operational difficulties, some of which have been resolved and others where actions are beginning to impact and restore operational productivity.

There were also challenges out of our control in terms of exchange rates and labour unrest in South Africa. Management worked hard to mitigate the effects of the strike action however we could not escape the general impact on the entire industry. We are looking ahead into 2013 with cautious optimism that this does not repeat itself.

In spite of these difficulties, we have continued to sign new contracts as we deliver on our strategy to diversify into new end markets alongside geographic expansion."

Full update here: http://www.moneyam.com/action/news/showArticle?id=4537610

Shaft Sinkers Holdings plc (LSE:SHFT) today announces audited results for the year ended 31 December 2012.

Highlights

· Revenue down by 15% to GBP192.5 million (2011: GBP226.5 million)

· Gross profit down by 41% to GBP22.6 million (2011: GBP38.3 million)

· Profit before tax down by 75% to GBP3.4 million (2011: GBP13.5 million)

· EPS down 73% to 4.9p (2011: 18.3p)

· Interim dividend paid of 2.4 pence

· No final dividend recommended

· Net debt of GBP2.1 million (2011: net cash GBP6.1 million)

· Year end committed order book GBP346.5 million (2011: GBP301.1 million)

· Strong tender pipeline GBP1.1 billion (2011: GBP1.1 billion)

· Safety statistics improved

Commenting on the results Alon Davidov, CEO of Shaft Sinkers Holdings plc, said:
"This has been a challenging year due to operational difficulties, which are in the process of being resolved, and a number of external factors including labour disputes, pressures on the platinum price and the depreciation of the Rand that have all impacted materially on the year.

"Against this backdrop the company has delivered on its strategic objectives by expanding internationally and into new markets including gold and zinc. This is not a short term change for the company but, as evidenced by the strength of our order book and pipeline, we believe we are becoming truly global and mineral agnostic which will help us capitalise on the many opportunities that exist.

"Even if there are pressures on mining capital expenditure, mining companies are still reacting to growing global demand and therefore our technological expertise will be in demand as new projects come online and mines get ever deeper, making us all the more confident of delivering value to shareholders in the future."

Hmm doesn't look good, a large variation in expectations between Feb 2013 and (today) April2013 - which almost borders on carelessness, does it? Can it be that all those factors were unknown in Feb - surely it was already in the bag that this would be a poor year?
Currently 37p
Close to floatation these were 150p

Interim Management Statement
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, issues the following Interim Management Statement covering the period from 1 January 2013 to the current date.

Overview
Based on current assumptions, results from trading for the 2013 financial year are expected to be in line with market expectations and the Board remains confident in the Group's prospects.This year's results should benefit from the higher margin Hindustan Zinc Limited and Kibali Goldmine contracts.

The Group started 2013 focussed on improving operational performance through implementing a number of restructuring initiatives including removing one layer of operational management. This will be a gradual process and we anticipate that operational performance should improve in the second half of this year.

The South African labour situation remains tense as the current year wage negotiations are due to begin next month.

Below is an update of the performance of the Group's principal projects since the start of the new financial year.

http://www.moneyam.com/action/news/showArticle?id=4596758

StockMarketWire.com
Shaft Sinkers said its South African operations continue to face a difficult operating environment, with some continuing to underperform against management's expectations.

"In addition, the South African business environment remains uncertain and the outcome of current contract negotiations is of sufficient scale to be important to the second half performance," the company said.

"Uncertainties relating to potential labour disruptions in the South African mining industry over the coming months may further impact negatively this outlook," it said.

Management has undertaken a number of initiatives to improve its operational performance and profitability. Cost reduction measures are ongoing and expected to deliver improvements to the group's cost base. As a result of this restructuring, a reduction in overheads of some 15% has already been achieved.

Additionally, management has focussed on renegotiating certain existing contracts to reduce contract risk, in addition to securing further business with an estimated total value in excess of GBP34 million.

The Group is therefore pleased to announce that it has signed a new contract, worth approximately GBP8.5 million, with Impala for additional development work on the now completed Shaft 16 project. In line with management's strategy the contract has been changed from a fixed rate type to a labour reimbursement basis for the development of Level 25 to Level 27.

Additional work at Impala Shaft 17 to the value of GBP17.5 million has also been secured by the group.

The Group has also successfully extended its contract with Afplats at the Leeuwkop project. The six month contract extension, worth approximately GBP5.5 million, is on a rates basis. However management is in discussions with the client about changing the contract to a labour reimbursement type. This extension will increase the depth of the shaft by an additional 250 meters to a depth of 966 meters.

By contrast, Shaft Sinkers' international operations are achieving, on a net basis, good results, generally benefitting from higher margins. However, this positive performance is unlikely to be sufficient to offset the lower than expected performance from South Africa for the year. In India, the Group has terminated a subcontract with one of its suppliers to the Hindustan Zinc Limited contract, taking over its responsibilities directly in order to improve the progress on that project.

Cash and cash equivalents at 30 June are approximately gross cash of GBP6.4 million and debt of approximately GBP6.6 million. The quantum of unpaid variation orders which has again materially increased is placing pressure on cash flow generation in South Africa. Negotiations with the Group's bankers for a renewal of existing facilities are on-going.

The Group continues to defend itself and pursue its claim in the arbitration with EuroChem and at this stage the Group is not in a position to announce any developments on the matter.

Unfortunately overall safety performance at the Group's operations has been disappointing in the first half with a Group wide Lost Time Injury Frequency Rate (LTIFR) of 4.29 against an internal benchmark of 3.5. All efforts are being made to reduce the rate within the benchmark parameters again.

The Group will announce Interim Results for the six months to 30 June 2013 on 30 August, which will include a comprehensive breakdown of the performance of the Group's projects

HARRY hope you have'nt been shafted by this stinker?

No. I had a reasonably profitable punt when they first floated + divi, but not touched them since.

One wonders if they might leave their London Listing, having taken the City/punters for what they could. Their operations in S.Africa seem to have sunk them, yet as I understood it - that was their operation base.

Has anyone been to an AGM . . . I looked a while ago at their Website, but was not impressed.... Still at what's close to 90%-down, surely there's an opportunity for a wee punt?
Harrycat will you re-invest or are you some distance away, I wonder?

Not a chance I'm afraid. Too much risk attached to this stock, imo.

StockMarketWire.com
Shaft Sinkers Holdings confirmed the first blast at the Hindustan Zinc Limited Rampura Agucha zinc mine shaft in the Bhilwara district of Rajasthan, India.

Rampura Agucha is the world's largest zinc mine, operated by Hindustan Zinc, a wholly-owned subsidiary of Vedanta Resources plc.

Hindustan Zinc awarded Shaft Sinkers the contract for the sinking of the main shaft as well as the north and south ventilation shafts at Rampura Agucha in May 2012. This blast marks the start of the main sinking phase for the 950m vertical shaft.

How about a slight change of name for the stock which might more adaquately reflect shareholders' feelings about performance .

I'd like to propose Shaft Stinkers !

I recall this was well over £1 when part-floated, "... see. EDIT (31Dec2010)- started at 135, rose quickly to 150 (now) then flat with few trades... "

somethings I distrust. Then they are very far away and so on...I haven't really heard of them...prior.

These reasons alone make me "Stay away" - unless I saw them at an investment show and they bid successfully for a hole to drop the Somerset floods into ( There's a thought).
Currently 13.5 pence, that's a massive loss from the Floatation price. 90% Club full-member!

Yr suggestion ( Ho! Ho! ).
Good name change, but too late for many Punters who believed the rubbish Notes, etc.
Does It amounts to a party Fraud IMHO, but I can't say that can I...

They need to tell us where they are financially and their LT - plans over the London-Listing. I don't mean an RNS, either!

Of course it is all about the hard times hitting the mining sector. The money is just not there.

StockMarketWire.com
Shaft Sinkers Holdings said Q1 2014 was challenging with operational issues compounding the negative impact of ongoing industrial action in South Africa and the continuing cost of legal fees relating to the Group's arbitration case with EuroChem.

"We experienced significantly lower margins as a result of operational underperformance and higher operating costs. This resulted in the Group recording an unaudited loss before tax of approximately GBP2.7 million for the Period compared to a loss before tax of GBP2.0 million in the same period of 2013."

As a result of the above factors, the Group is facing an increasingly tight cash position, particularly in South Africa, and a number of initiatives are underway to release cash tied up in the business.

These include the sale of assets to clients, the disposal of surplus property, measures to reduce the recovery cycle of receivables and the deferral of non-essential expenditure. In addition, the Group is targeting a further reduction in operational overheads with the aim of improving cash flows.

"At the Group's Kibali project in the Democratic Republic of Congo, sinking proceeded in line with expectations during the Period and we have successfully caught up on some delays experienced previously. The shaft depth has now surpassed the major milestone of 500m and the team has worked for more than 90 days without a single lost-time injury," it said.

"In India, we delivered improved progress at the HZL project during the Period as a result of remedial measures which were implemented at the end of 2013. At the end of March 2014 the main shaft at HZL had reached a depth of 287m and by 16 May it had reached 415m. The headgear at the north ventilation shaft was successfully commissioned and initial sinking commenced in February. The north ventilation shaft had reached a depth of 163m at the end of the Period and 288m by 16 May."

However, results at HZL were still below contractual levels in the Period due to poor sinking progress on the main shaft and the change over from pre sink to main sink at the north ventilation shaft with a consequent impact on margins.

"However, in the latter part of the Period we achieved a consistent improvement in sinking rates at the main shaft and a work acceleration programme has commenced which we anticipate will result in additional revenue."

Industrial action in the South African platinum sector resulted in the suspension of work at Lonmin and Impala 16, preventing Shaft Sinkers from carrying out work on these contracts impacting both revenues and profitability. Impala 16 has declared a force majeure and the Group is in constructive discussions with Impala to resolve this issue amicably. The Group believes it has contractual safeguards in place which should enable it to recover certain costs.

In addition, operational underperformance at Shaft Sinkers' Impala 17 project was exacerbated by safety stoppages following receipt of a Section 54 notice from the Department of Mineral Resources in January 2014.

"Whilst the Group has renegotiated its contract for the Impala 17 project, the expected benefit of the revised terms will only begin to be felt in the second quarter of the year. The revised contract for Impala 17 expires in September 2014, unless renewed. As previously reported Shaft Sinkers is participating in a new tender process for the work at Impala 17."

Performance at our Styldrift project for Anglo Platinum and Royal Bafokeng Resources was below expectations in the first quarter due mainly to poor operational performance on the main and services shafts and subsequent delays in the construction of underground infrastructure associated with the shaft.

The Group achieved good results at the Leeuwkop project for Afplats during the Period. This improved performance was pleasing as the team there successfully resolved a number of issues which arose in the first half of 2013 and delivered a much improved performance.

Disappearing without trace.........

StockMarketWire.com
Shaft Sinkers said since May its cash position has deteriorated further to the extent that it is has engaged with various parties regarding the urgent provision of new financing to satisfy near-term liquidity requirements.

"Negotiations with these parties relate to various financing methods, as well as the disposal of certain assets, and are continuing with the objective of preserving value for shareholders whilst also enabling the Company to continue trading," the company said in a statement.

Since May, Shaft Sinkers has been pursuing a number of initiatives to address cash flow issues including the deferral of non-essential expenditure, the disposal of assets and surplus property and improvements to the recovery cycle of receivables.

50% off in early trade.

StockMarketWire.com
Shaft Sinkers Holdings has been awarded additional work by Afplats (Pty) Limited (Afplats) on its Leeuwkop project.

The scope of work under the new contract includes the continuation of sinking activities on the main shaft from a depth of 984 metres to 1,307 metres as well as the construction of two station breakaways for the establishment of horizontal tunnels to access the ore body at 1,207 meters and 1,237 meters respectively.

The additional work, which commences immediately, is scheduled to be completed in the second half of 2015 and has a total value of GBP7 million. The contract is priced on a rates basis.

Harrycat - any change in yr opinion?

The sp graph is woeful - just look at it fall.... despite today's good news (of sorts), the floatation was hugely overvalued as I think ( check!), they only off-loaded a small % of the stock. SO the City that mopped-up the surplus -(or whoever holds now), is sitting on a huge loss from about £1.60/1.80 . . . . . Oooer.

No change, hangon. Just one that I watch, having made a little profit early on, and now thanking Lady Luck, the tea bags and a little bit of rational thought that I don't currently hold! I will not be buying any time soon.

Biggest mover this morning.

Half year results
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, today announces its unaudited half year results for the six months ended 30 June 2014 ("the Period").

Operational highlights
· Revenues decreased by 53% principally due to terminating contracts in South Africa, adverse exchange rate movements, safety stoppages following notices from the Department of Mineral Resources, strike action and poor performance at some South African sites

· GBP3.5 million loan agreement with Hillside and proposed GBP9.2 million convertible loan note issue announced after the Period end
· Signing of GBP37 million contract for Kazchrome Donskoi 1,453m shaft project

· Award of additional contract extensions with an estimated total value of GBP10.7 million

· Order book of GBP191.0 million, not including the Kazchrome contract awarded after the Period end (31 December 2013: GBP238.2 million)

· Pipeline of tenders estimated at over GBP801 million (31 December 2013: GBP970 million)

· EuroChem arbitration progressing with key hearings held and GBP5.4 million of legal fees incurred during the Period

Commenting on the results Alon Davidov, CEO of Shaft Sinkers Holdings plc, said:

"Shaft Sinker's business was severely impacted by a number of factors during a challenging first half of the year. A combination of legal fees incurred in relation to the EuroChem arbitration, a 5 month strike impacting our Lonmin and Impala 16 operations as well as underperformance on certain South African contracts severely impacted the Company's revenues and cash position. In order to address its short to medium term funding requirements the Company initiated a process to raise additional funds in June 2014. This culminated in the recently announced GBP3.5 million loan agreement with Hillside. The Hillside transaction has ameliorated the Company's immediate cash problems and provides us with the flexibility to secure a more comprehensive funding package by the end of November 2014."

"The signing, in August 2014, of a contract to sink a vertical shaft for Kazchrome with an approximate value of GBP37 million represents an important milestone for the Company. The contract not only illustrates our continued ability to win business but also helps us to deliver on our strategic objectives of entering the CIS market and, importantly, expanding our international business. In addition, the Company has secured two contract extensions in South Africa, year to date, worth GBP10.7 million illustrating the continued strength of our competitive position in the country. These contract extensions underline our confidence in the Company's long-term prospects."

"Our key objectives for the remainder of the year are twofold. First, we intend to complete the proposed convertible loan issue in order to put the company back on a sound financial footing and secure its long-term future. Second, we are working hard to ensure an improved operational performance in each segment of our business."

http://www.moneyam.com/action/news/showArticle?id=4876163

StockMarketWire.com
Shaft Sinkers Holdings said Hillside International Holdings Ltd has agreed to expand the quantum of funds made immediately available to the company from £3.5m to £5m under the terms of the non-interest bearing loan facility, announced Aug. 22.

In addition, the company has agreed a further £3.0m bank guarantee facility in relation to its contract with TNK Kazchrome JSC. The facility, which requires Shaft Sinkers to hold deposits in the bank, will run for the entire life of the Kazchrome project and is secured against the assets of Shaft Sinkers Kazakhstan LLP.

Preparations to raise up to £9.2m by way of a proposed issue of convertible loan notes were continuing and wouldbe amended to reflect the increase in the Hillside Loan.

"It is intended that part of the proceeds of the Convertible Loan Note offer will be used to repay the Hillside Loan entirely and Hillside will, accordingly, subscribe £5m for Convertible Loan Notes. In all other material respects, the details of the Hillside Loan and Convertible Loan Notes set out in the announcement of 22 August 2014 are unchanged," the company said.

The proposals relating to the Hillside Loan and Convertible Loan Notes are subject to regulatory and shareholder approvals. The Company intends to post a circular to shareholders by 22 October 2014 and thereafter to complete the refinancing package by November 2014.

As announced in April 2014, the Company and Impala Platinum Ltd revised the terms of the Impala 17 contract to more equitably share risks between the two parties following significant losses incurred on the project by Shaft Sinkers.

The revised contract terms covered the period until October 2014 in order to allow Impala time to retender the contract. Shaft Sinkers participated in the retender process but has been notified by Impala that its bid was not successful and the Company's work at Impala 17 will therefore terminate on 15 December.

50% dis count.

Grief, that was one to avoid. +++maybe the name tells it as it is - that and the issue of overseas location DYOR.

Shaftstinkers..lol.

StockMarketWire.com
Shaft Sinkers Holdings said it has received notice of termination from Royal Bafokeng Platinum Limited concerning its Styldrift contract. The contract will be terminated with 60 calendar days' notice.

is shaftsinkers a euphemism for getting f'ed?

Shes gone ..gone.

StockMarketWire.com
Shaft Sinkers Holdings has announced that following last month's funding update talks have been ongoing with potential providers of working capital to finance the company.

The Board now believes that the funding options available are unlikely to result in the continuation of Shaft Sinkers Holdings plc, the listed legal entity, as a going concern.

The company is in urgent talks with finance providers with the emphasis being on providing the funds to the operating subsidiaries of the Group in order to protect its current operating contracts for the benefit of the company's employees, clients and creditors.

There can be no guarantee that any such funding, if agreed, will confer any benefit on Shaftsinkers' shareholders. As such, the directors believe that there may be little or no value in the equity of the company and is seeking advice as to the appropriate next steps.

A further announcement will be made in due course.

The Board of Shaft Sinkers Holdings plc announces that following the Company's funding update on 13 February 2015 it has come to the conclusion that there is no value remaining that is attributable to the equity in the Company.

Accordingly the Company has requested that the admission of the Company's shares to the official list of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange be suspended with immediate effect.

Sunk without trace.

Yes they appear to have practiced what they preach.

A good shafting was indeed had by all.

Never held myself but truly a shocker for PIs.

Well, well, well ( no puns intended). It goes to show that whoever controls the Market isn't too fussy about letting-in those who may (or is that might?) let down the Public that are encouraged to buy shares.
It is the Company Execs and hangers-on that are to blame IMHO - as it is their words, publicity and actions that encourages money to be given in the expectation of a profit at some later time.....and they take payment for it.
I have to say I never did understand this investment - the Name itself was almost funny and having their business where you cannot go and see it, strikes me as somewhat ( shall we say "unfortunate" ?) and risky. This money has been taken away from good companies whose products and services would add to the UK population's Jobs, Investment, Pensions, Etc. Whilst it's not "Theft" it has much the same effect - unless you know different, that is.
The IPO money has been "spirited away" and mostly overseas, as You'd expect.

Nevertheless the LSE should put out a statement to reassure the Market that the LSE will make sure prior-listed companies are better policed . . . this is a disgrace - and I hope the Company management forgoes their salaries for the last 18 months. It strikes me that any IPO should only be able to take-out (=Export) a small %, yet I suspect the City is grubby with similar actions over the years...Oh Deary.

Huh!

Another AIM dawg with a matching chart though I think this went plop a tad quicker (never held). I think the general rule to float your co on AIM is if you can show a pulse rather than a competent business plan then you're in...

Update re Hillside Loan
The Board of Shaft Sinkers announces that further to the Company's announcement on 20 March 2015, the Company has been unable to repay Hillside International Holdings Limited's £5M loan and accrued interest.

Hillside has as a result exercised its security over the shares of Shaft Sinkers Management Co. Limited and Shaft Sinkers Belgium, leaving the Company with no assets of any real value.

In the circumstances, the Board will take steps to wind the Company up as soon as practicable. Further announcements will be made in due course.