Shaft Sink Share Discussion Threads

[muckshifter] 28/5/2014 16:05

Well my apologies to all, as I did not remember that earlier post, on IOF. So that's two posts I made on Iofina boards, as far as I can remember, one of which does not even mention Iofina, and certainly has nothing to do with being for or against any serious poster. It was a post about someone who was deliberately goading serious posters.

Hardly compares with your 500 posts on Touchstone or shft, all rabidly positive though, as an alleged (by you) pump and dump exercise, does it?

PS. Whether the "troll" was for or against Iofina at the time of my second post, upon which you based your multi post campaign, is hardly relevant anyway as long before you tried to manufacture this deceitful issue I had sold my shares.

[hedgehog 100] 28/5/2014 15:16

muckshifter 25 May'14 - 16:22 - 2450 of 2451 0 1

" ... But the most important point regarding that post, which is there for anyone interested to see, is that it does not contain a single point which could be taken to be either positive or negative about IOF. ... "

" ... The other point in this regard that made me laugh, is that the post of mine on the IOF board, that you quote, is, iirc, the only post I ever made on any Iofina board. ... "


Muckshifter,

Referring to a bear of IOF as a troll is an attack upon the bear case against IOF.

And this was a post you made on that IOF thread to ramp the IOF share price up, trying to suggest that it would be better than recent doubler HAWK:

muckshifter 14 Jan'13 - 10:59 - 13488 of 26279 0 0

"Just to put our new non exec's shareholding in context, the percentage of IOF he owns is ten times the size of his stake in HAWK, worth probably 250 times his HAWK stake - ie. perhaps he is no mug, and realises the difference in potential between the two companies. His "stake" in HAWK just about represents a years hawk pay to him.
Regards."




You constantly attack me as a liar, but have never identified a single lie by myself.

In contrast, the evidence is there for all to see that you yourself are a thoroughly deceitful liar.

[technofiend] 25/5/2014 19:37

I've been reading up on Calunius capital and their investment in the arbitration case of Oxus vs Uzbekistan.

Have any such firms been investing in Shft's or Eurochem's case?

Thanks.

[hedgehog 100] 21/5/2014 18:52

From "THE TIMES" market report today, sad news:

"Lonmin sacks 235 workers as pay rift heads for court

Gary Parkinson Market report

Platinum shares lost their allure as South Africa's longest and costliest strike by mineworkers rumbled on.

A day after the chief executive of Lonmin declared it to be "bleeding" amid a third of annual production lost already, it said that it had dismissed 235 striking workers in safety and underground maintenance. They, like other mineworkers, started industrial action in January over pay.

The Association of Mineworkers and Construction Union wants basic wages increased to the equivalent of about £710 a month, including allowances, for producing the metal used in cars' catalytic converters to cap emissions. That is a third more than the companies are offering.

Talks with the union broke down late last month. The strike turned violent this month when four miners were killed as employees tried to report to work. Yesterday the union and platinum producers agreed to court-mediated talks. Anglo American, which owns about 80 per cent of Anglo American Platinum, the biggest supplier, fell 32 1/2p to £15.33, and Lonmin shed 5 3/4p to 236p, its lowest in more than 15 years."

[lennonsalive] 20/5/2014 15:23

Will they run out of monies before the case ends?

Place your bets!

[hedgehog 100] 20/5/2014 14:54

What happened to this prediction?:

buywell2 17 Mar'14 - 08:09 - 65 of 65 0 1

"SP currently being shafted

advfn fundemental data will show red numbers soon methinks

Asset writedows must soon cometh"


This is what:

30/04/2014 07:02 UKREG Shaft Sinkers Holdings Plc Final Results

"PBT down 16.5% to GBP2.9 million (2012: GBP3.5 million)"

"Impairment of assets

An impairment review was conducted on all the Group's tangible and intangible assets and it was found no further impairment was required.

An impairment loss reversal of GBP0.1 million (2012: Impairment loss - GBP0.3 million) was recognised during the year on the Group's plant and equipment. The impairment reversals were identified following a detailed review of the fixed asset register and were identified on a line by line basis where impairments had previously been recognised for which the circumstances no longer existed at year-end."

[stockonomist] 19/5/2014 21:36

LOL

Headuphisownasshog the muppet should have listened to muckshifter

[hedgehog 100] 19/5/2014 17:09

TF,

From SHFT's finals:

30/04/2014 07:02 UKREG Shaft Sinkers Holdings Plc Final Results

"Dealing with these damaging allegations continues to take up a significant amount of board and management time as well as financial resources. We have made a number of substantive submissions to the arbitrators, and expect the hearing to occur in mid 2014 with final determinations expected early in 2015."




I.e. The arbitrators will apparently take about seven months or so from the hearing to issue their decision.


I would still expect SHFT to survive, but the uncertainty means that the share price could drift lower from the current 12.25p unless something positive is announced, e.g. director share buying.

[hedgehog 100] 19/5/2014 16:51

Price Price Change [%] Bid Offer Open High Low Volume
12.25 -2.75 [-18.33] 11.75 12.75 13.75 13.75 11.50 477,884
Market Cap. [m] Shares In Issue [m] Beta EPS DPS PE Ratio Yield 52-Wks-Range
5.82 47.50 0.18 4.14 7.20 2.96 - 36.00 - 11.25


19/05/2014 07:01 UKREG Shaft Sinkers Holdings Plc Interim Management Statement

"Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, announces its Interim Management Statement covering the Period from 1 January to 16 March 2014 ("the Period").

Summary

-- Revenues and profitability in the Period declined compared to the same Period of 2013

-- Loss before tax of approximately GBP2.7 million (unaudited) in the Period (Q1 2013: loss before tax of GBP2.0 million)

-- Net debt of GBP3.3 million (31 December 2013: GBP1.6 million)

-- International operations performed below management's expectations with excellent performance at Kibali Goldmines ("Kibali") offset by underperformance at Hindustan Zinc Limited ("HZL")

-- South African business significantly affected by operational issues at Impala 17 and Styldrift as well as continuing adverse effects of strike action

-- Legal fees relating to the arbitration with EuroChem significantly impacted profitability

-- Lost time injury frequency rate ("LTIFR") of 2.92 compared to target of 3.5

Overview

The first quarter of 2014 was challenging with operational issues compounding the negative impact of ongoing industrial action in South Africa and the continuing cost of legal fees relating to the Group's arbitration case with EuroChem.

We experienced significantly lower margins as a result of operational underperformance and higher operating costs. This resulted in the Group recording an unaudited loss before tax of approximately GBP2.7 million for the Period compared to a loss before tax of GBP2.0 million in the same period of 2013.

As a result of the above factors, the Group is facing an increasingly tight cash position, particularly in South Africa, and a number of initiatives are underway to release cash tied up in the business. These include the sale of assets to clients, the disposal of surplus property, measures to reduce the recovery cycle of receivables and the deferral of non-essential expenditure. In addition, the Group is targeting a further reduction in operational overheads with the aim of improving cash flows.

At the Group's Kibali project in the Democratic Republic of Congo, sinking proceeded in line with expectations during the Period and we have successfully caught up on some delays experienced previously. The shaft depth has now surpassed the major milestone of 500m and the team has worked for more than 90 days without a single lost-time injury.

In India, we delivered improved progress at the HZL project during the Period as a result of remedial measures which were implemented at the end of 2013. At the end of March 2014 the main shaft at HZL had reached a depth of 287m and by 16 May it had reached 415m. The headgear at the north ventilation shaft was successfully commissioned and initial sinking commenced in February. The north ventilation shaft had reached a depth of 163m at the end of the Period and 288m by 16 May.

However, results at HZL were still below contractual levels in the Period due to poor sinking progress on the main shaft and the change over from pre sink to main sink at the north ventilation shaft with a consequent impact on margins. However, in the latter part of the Period we achieved a consistent improvement in sinking rates at the main shaft and a work acceleration programme has commenced which we anticipate will result in additional revenue.

Industrial action in the South African platinum sector resulted in the suspension of work at Lonmin and Impala 16, preventing Shaft Sinkers from carrying out work on these contracts impacting both revenues and profitability. Impala 16 has declared a force majeure and the Group is in constructive discussions with Impala to resolve this issue amicably. The Group believes it has contractual safeguards in place which should enable it to recover certain costs.

In addition, operational underperformance at our Impala 17 project was exacerbated by safety stoppages following receipt of a Section 54 notice from the Department of Mineral Resources in January 2014. Whilst the Group has renegotiated its contract for the Impala 17 project, the expected benefit of the revised terms will only begin to be felt in the second quarter of the year. The revised contract for Impala 17 expires in September 2014, unless renewed. As previously reported Shaft Sinkers is participating in a new tender process for the work at Impala 17.

Performance at our Styldrift project for Anglo Platinum and Royal Bafokeng Resources was below expectations in the first quarter due mainly to poor operational performance on the main and services shafts and subsequent delays in the construction of underground infrastructure associated with the shaft.

The Group achieved good results at the Leeuwkop project for Afplats during the Period. This improved performance was pleasing as the team there successfully resolved a number of issues which arose in the first half of 2013 and delivered a much improved performance.

Financial Position

As at 31 March 2014, the Group's net debt position was GBP3.3 million (31 December 2013, GBP1.6 million), comprising gross cash and equivalents on hand of GBP3.5 million, a bank overdraft of GBP3.9 million and term debt of GBP2.9 million.

EuroChem Arbitration Proceedings

There were no significant developments in the arbitration process against EuroChem during the Period, however, we anticipate the arbitral hearings will take place in June 2014. Legal fees for the Period were GBP1.2 million.

Health & Safety

The Group's LTIFR during the Period has improved compared to the prior period and is below the bench mark target. This is principally as a result of improved performance at the South African projects where the major safety initiatives undertaken last year have yielded a much better start to 2014 when compared to 2013.

However, during the first quarter there was an increase in non-lost time accidents at the Group's international operations. This was attributable to increased work rates at both Kibali and HZL as well as a new work force at HZL where additional training and supervision is an ongoing requirement. A number of steps have already been undertaken to address these issues, including the secondment of experienced staff to work at HZL.

Outlook

The outlook for the Group's international operations is encouraging, with improved performance at HZL supplementing a continued excellent rate of progress at the Kibali project, and the potential for the conclusion of the new contract with Kazchrome JSC. However, the South African business continues to face substantial challenges and the Group is facing an increasingly tight cash position.

ENDS

For further information:
Shaft Sinkers Holdings plc [phone]

Alon Davidov, Chief Executive Officer

Chris Hall, Chief Financial Officer
Aura Financial [phone]

Michael Oke / Andy Mills

This information is provided by RNS

The company news service from the London Stock Exchange

END"

[lennonsalive] 19/5/2014 14:07

SHaFTed, now selling off equipment to keep above the water.

[lennonsalive] 19/5/2014 14:04

This is bust and could well go under before the court ends. Who will support it?

So desperate they are selling off equipment.

[technofiend] 19/5/2014 13:03

The latest RNS seemed brutal.

Lawyers fees will bleed them dry while they wait for the Eurochem court case to come to an end.

Surely their only hope now is a resolution of the case in their favour?

"It expects hearings to take place in June."

Anyone got any further info on the nature of the hearings?

[buywell2] 19/5/2014 12:36

Read the RNS today



buywell2
1 May'14 - 08:28 - 2437 of 2441 0 0 edit



From 30th Aprils results

Like I have been saying here from when SHFT was over 80p

South Africa is NOT the place to be mining now and won't be for many years due to strikes and political changes


But SHFT are stuck there

''the arduous operating environment in South Africa continues to impact our business and industry generally. The renewed strike action after the end of the year which, at the time of writing has not been resolved despite recent further offers being made, is debilitating and crippling the platinum industry in particular and is clearly affecting levels of investment. Nevertheless, South Africa remains a core market for Shaft Sinkers and we hope that the business environment will improve following elections later in 2014 and a sensible resolution to the protracted strike action is reached. ''






On going legal costs are rising

''Material impact of legal fees related to ongoing arbitration of GBP3.9 million (2012 GBP1.1 million), with outcome expected early 2015 ''

Profits this year were bolstered by the sale of SHFT HQ , it can't be sold twice and now the company are paying lease charges

''The Group disposed of its offices in South Africa on a sale and leaseback basis, generating cash of GBP2.2 million ''




I think any money from Eurochem is a very remote possibility

I think that the SHFT technology is also now very questionable

why ?

Drilling & Blasting

EuroChem has restarted the sinking of the cage shaft at its VolgaKaliy potash project near Volgograd, Russia, following the successful completion of the shaft freezing stage. The cage shaft sinking operations have been resumed from the 100m mark following the suspension as a result of the failure in the grouting technology used by Shaft Sinkers, a South African contractor which had been hired by EuroChem for the project.

EuroChem has taken the necessary steps to continue with the sinking of the cage shaft by deploying freezing technology. After installing a freeze plant to protect the shaft during sinking and performing necessary works, EuroChem construction teams continued to sink the cage shaft. The shaft is now being protected during the sinking effort by a freeze wall which is designed and operated by Thyssen Schachtbau. Thyssen Schachtbau is also involved in the sinking of VolgaKaliy's skip shaft and the EuroChem's other potash project, EuroChem Usolskiy Potash in the Perm region of Russia.

Clark Bailey, head of mining at EuroChem, commented: "We are pleased with the progress we are making with the sinking of the cage shaft. We have suffered a delay of approximately two years and nine months as a result of the failure of the original shaft sinking grouting technology used by Shaft Sinkers. We anticipate to completely finish the cage shaft in 2017."














Thus due to the recent rise on small potatoes volumes I have revised my 10p call to 8p within 8 to 12 months


If Eurochem succeed in their claim V SHFT it is all over

2015 will be the year it all ends

dyor and BOL

[stockonomist] 19/5/2014 07:55

Has Headuphisownasshog got it wrong again ?

[empirestate] 19/5/2014 07:31

Those lawyers certainly know how to make a killing- GBP1.2 million fees
Outrageous. Plenty of negatives in the statement. Surely it can't get worse, unless they lose their case. Ouch. (not holding meself)

[hedgehog 100] 16/5/2014 14:23

16/05/2014 07:00 UKREG Capital Drilling Limited Interim Management Statement

"Capital Drilling Limited (CAPD: LN), the emerging and developing markets drilling company, provides its Interim Management Statement ("IMS") for the period to 16 May 2014.

Key Points

-- First quarter revenues of $26.1m for the 3 month period to 31 March 2014, up 20% on Q4 2013 (Q1 2013: $38.3m), due to the commencement of production drilling at the Geita Gold Mine in Tanzania.

-- Q1 2014 Average Revenue per Operating Rig ("ARPOR") of $187,000 per month. (Q1 2013: $198,000).

-- Positive cash flow from Operational activities maintained.

-- Rig utilisation of 44%, down from 46% in Q4 2014 (Q1 2013: 66%) remains steady, consistent with softer demand conditions experienced in 2H 2013

-- Acquired 5 new blast hole rigs for the Geita Gold Mine in Tanzania and decommissioned one rig, providing a weighted average fleet of 95 rigs for the quarter (Q1 2013: 92).

-- Contract terms finalised for:
>> Centamin - renewed 5 year production drilling contract, effective January 1, 2014.
>> MMG Limited - renewed 4 rig exploration / development drilling contract, commencing May 1, 2014.

-- Achievement of a number of safety records including:
>> Tanzania (Geita Project) achieved 2,500 days LTI free in March 2014.
>> Zambia (Kansanshi Project) achieved 500 days LTI free in March 2014.

-- Market conditions remain stable since the second half of 2013 but continue to be challenging with depressed demand levels reflecting continued cost and capital discipline across the mining industry

-- Capital Drilling remains focussed on strict cost management with ongoing discipline providing a continued conservative gearing profile and strong balance sheet.

Trading Update and Outlook

The Company reports an increase in sequential quarterly revenue with sales of $26.1m in Q1 2014, an increase of 20% on Q4 2013. The increase is predominantly due to the successful commencement of blast hole drilling at the Geita Gold Mine in Tanzania, with 5 new rigs added to the blast hole fleet. The first four months on the project have seen a steady increase in production output, adding to the Group's existing presence at the mine across grade control and development drilling.

Activity across the exploration and development drilling fleet was mixed over the quarter, with some delays to project commencement over the seasonal start-up period and the usual adverse impact of the wet season in January and February, particularly in Zambia. Typically the second quarter returns to more normalised drilling conditions although weather has impacted some smaller operations in April, namely the Solomons Islands and Chile. Other operations for the Group are showing signs of improvement as the year progresses.

The tendering market has shown some small signs of positive improvement, however the demand environment remains at depressed levels and we continue to operate in a market with excess global rig capacity. Despite this the Group's focus on top tier mining houses and assets continues to provide support with the business operating at 44% utilisation over the first quarter, well above industry levels.

Capital spend has increased over Q1 2014, reflecting the specialised rig requirements at the Geita Mine in Tanzania, with further specialised rigs arriving in Egypt in Q2 2014. With the balance of the Capital Drilling fleet being approximately 4 years old, there have been limited capital requirements elsewhere and the Group continues to operate with a conservatively geared balance sheet. Gearing is expected to reduce further over the course of 2014, based on current strong operating cash generation and current demand expectations.

Commenting on the IMS, Jamie Boyton, Executive Chairman, said:

"We are pleased to report an increase in revenue in the first quarter of 2014, climbing 20% from Q4 2013, largely reflecting the commencement of the 5 year comprehensive drilling contract at the Geita Gold Mine in Tanzania. While the project is still in the opening phase for Capital Drilling we are seeing an increase in production and efficiencies which should benefit the Group in the current quarter and beyond.

While the revenue increase was encouraging and we have seen a small improvement in the tendering market, the external environment remains challenging, although showing a level of stabilisation from the second half of 2013. Capital Drilling remains in a strong position with positive cash generation from operational activities, a conservative Balance sheet and a blue chip client base, all of which continue to support the Company as we move forward".

For further information please access Capital Drilling's website www.capdrill.com or contact:

Capital Drilling Limited [phone]

Jamie Boyton, Executive Chairman

Uno Makotsvana, CFO

Liberum Capital Limited [phone]

Clayton Bush

Richard Bootle

Buchanan [phone]

Bobby Morse

Gabriella Clinkard

About Capital Drilling

Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 95 drilling rigs with established operations in Chile, Egypt, Ghana, Mauritania, Tanzania, Papua New Guinea, Solomon Islands and Zambia. The Group's corporate headquarters is in Singapore and it has its administrative offices for South America in Santiago."

[buywell2] 08/5/2014 08:42

Draw or no draw

Legal costs are sinking SHFT profits

Selling bits of themselves like their SA HQ has stopped making a loss

Can't be sold twice