SHAFT SINKERS HOLDINGS PLC
10 July 2014
Shaft Sinkers Holdings plc
("Shaft Sinkers" or "the Company")
Financing Discussions
The Company has endured a challenging first half of the year as a result of previously announced issues related to South Africa and the continuing cost of litigation arising from the outstanding dispute with EuroChem.
As announced on 19 May 2014, the Company has been pursuing a number of initiatives to address cash flow issues including the deferral of non-essential expenditure, the disposal of assets and surplus property and improvements to the recovery cycle of receivables.
Since May the Company's cash position has further deteriorated to the extent that it is has engaged with various parties regarding the urgent provision of new financing to satisfy near-term liquidity requirements. Negotiations with these parties relate to various financing methods, as well as the disposal of certain assets, and are continuing with the objective of preserving value for shareholders whilst also enabling the Company to continue trading.
A further announcement will be made in due course.
For further information:
Shaft Sinkers Holdings plc +44 (0) 787 595 1362
Alon Davidov, Chief Executive Officer
Chris Hall, Chief Financial Officer
Aura Financial +44 (0) 207 321 0000
Andy Mills
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