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).

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