Shaft Sinkers Holdings Plc Update on Funding (8914E)

TIDMSHFT

RNS Number : 8914E

Shaft Sinkers Holdings Plc

13 February 2015

SHAFT SINKERS HOLDINGS PLC ('Shaft Sinkers' or the 'Company')

Update on Funding

The Board of Shaft Sinkers Holdings plc announces that following the Company's funding update on 12 January 2015, talks have been ongoing with potential providers of working capital to finance the Company.

The Board now believes that the funding options available are unlikely to result in the continuation of Shaft Sinkers Holdings plc, the listed legal entity, as a going concern. The Company is in urgent talks with finance providers with the emphasis being on providing the funds to the operating subsidiaries of the Group in order to protect its current operating contracts for the benefit of the Company's employees, clients and creditors. There can be no guarantee that any such funding, if agreed, will confer any benefit on Shaftsinkers' shareholders. As such, the Directors believe that there may be little or no value in the equity of the Company and is seeking advice as to the appropriate next steps. A further announcement will be made in due course.

For further information:

Marius Heyns: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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