Shaft Sinkers Holdings Plc Shaft Sinkers Pty Limited (9892C)
23 Janeiro 2015 - 8:26AM
UK Regulatory
TIDMSHFT
RNS Number : 9892C
Shaft Sinkers Holdings Plc
23 January 2015
23 January 2015
SHAFT SINKERS HOLDINGS PLC
('Shaft Sinkers', the 'Company' or the 'Group')
Shaft Sinkers Pty Limited
The Board of Shaft Sinkers announces that further to the
Company's announcement on 12 January 2015, that it was in
discussions with Standard Bank concerning a breach of its
agreements with Standard Bank, Shaft Sinkers Pty Limited, a South
African subsidiary of the Company, yesterday filed for business
rescue in South Africa. The decision of Shaft Sinkers Pty Limited
to file for business rescue does not affect the other South African
subsidiaries of the Company or the other members of the Group or
their international operations, which continue to operate as
normal.
Business rescue is a procedure under South African law to
facilitate the reorganisation and restructure of South African
companies in financial distress. This procedure has been applied
for only in respect of Shaft Sinkers Pty Limited, a subsidiary of
the Company which holds certain assets and liabilities relating to
the Group's activities in South Africa.
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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