Shaft Sinkers Holdings Plc Update re Standard Bank Loan and Fundraising (8720B)
12 Janeiro 2015 - 6:21AM
UK Regulatory
TIDMSHFT
RNS Number : 8720B
Shaft Sinkers Holdings Plc
12 January 2015
SHAFT SINKERS HOLDINGS PLC ('Shaft Sinkers' or the
'Company')
Update re Standard Bank Loan and Fundraising
The Board of Shaft Sinkers announces that following the
Company's failure to make a required loan repayment to its lender,
Standard Bank on 31 December 2014, it is in breach of its
agreements with Standard Bank. The Company is in discussions with
Standard Bank and there can be no certainty that an agreement will
be reached.
The Board confirms that since the second funding update on 5
November 2014, talks have been ongoing with potential providers of
finance to the Company to finance the repayment of the loan to
Hillside and provide working capital. The Company's financial
position remains weak and while talks in relation to alternative
sources of finance are ongoing, the talks have yet to secure a
binding commitment for the funds required. There can be no
certainty over the timing and structure of any refinancing,
although the Board believe that any refinancing is unlikely to be
on the terms described in the announcement of 22 August 2014
regarding the Convertible Loan Notes.
The Company will make a further announcement in respect of the
financial condition of the Company as soon as practicable.
For further information:
Marius Heyns: +27(0)11 445 4300
Notes to editors
Shaft Sinkers
Shaft Sinkers Holdings specialises in the sinking of
particularly deep and wide 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 was responsible for
sinking one of the deepest ever man and material South African
shafts, a secondary shaft at the Western Deep Levels to a depth of
3,131 metres below bank.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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