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).

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.