Shaft Sinkers Holdings Plc Shaft Sinkers Pty Limited (9892C)

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: [phone]

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

MSCBXLFLEFFLBBL