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 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.