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).

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.