- 23 Dec 2010 12:08
LONDON, Dec 23 (Reuters) - South African-based Shaft Sinkers Holdings Plc SHFT.L, which builds infrastructure for underground mines, listed in London on Thursday so it can expand in India and the region surrounding Russia.
Its shares started trading at 130 pence, up 4.8 percent from the placing price of 124 pence, giving it a market value of 61.75 million pounds ($95.24 million).
The group is the top builder of vertical shafts in South Africa, home to some of the deepest mines in the world. It sunk the deepest ever shaft there at 3.1 kilometres.
"The listing will allow us to build on our strengths and expand into new industries and geographies requiring our expertise, particularly the CIS (Commonwealth of Independent States) and India," said Chief Executive Officer Alon Davidov.
Shaft Sinkers, originally part of miner Anglo American (AAL.L), is controlled by private mining group International Mineral Resources, according to its website.http://www.shaftsinkers.co.za/
[International Mineral Resources B.V. engages in mining and exploration services. The company is based in Amsterdam, the Netherlands. International Mineral Resources B.V. operates as a subsidiary of Eurasian Natural Resources Corp Plc.]
A placing of 24.7 million new shares raised 30.6 million pounds, most of which will be used to buy out some minority stakes, but it did not specify which ones. ($1=.6483 Pound).
- 29 Dec 2011 13:28
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This company does not need a problem like this. More jobs at risk.
- 29 Dec 2011 17:51
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Is this not only one contract of many, not armageddon.. A 30% drop seems a bit over the top.Especially in view of already steep falls.
- 15 Feb 2012 08:00
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After falling about 150 points from its highs,to 40, it looks like some sort of recovery is on the cards.
At any rate up 7 in the last few days
- 20 Feb 2012 08:54
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Shaft Sinkers Holdings anticipates that results before exceptional items for the year ended 31 December 2011 will be ahead of market expectations.
Unaudited group revenue has grown by some 20% from £183 million in 2010 to approximately £220 million in 2011 despite a slightly weaker exchange rate. However, in constant currency terms, revenue has grown by approximately 23%.
Exceptional items are expected to comprise a charge of £3.8 million for the IPO bonus as disclosed in the Prospectus, the second half of which was paid in early 2012.
The Group ended 2011 with net cash of approximately £6.0 million after deduction of interest bearing debt of around £16.4 million.
- 19 Mar 2012 14:40
- 48 of 113
Westhouse Securities.. 'Strong Buy'.. target 170p
- 23 Mar 2012 12:11
- 49 of 113
170p would be very nice! I also hold from 71p.
- 28 Mar 2012 08:18
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Contracts Awarded - Impala Platinum
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce it has been awarded the contract for development of levels 21 to 24 of the Impala 16 ventilation shaft for Impala Platinum. The contract is scheduled to be completed in June 2013 with a total value of £28.6 million (R348.2 million).
The Company is also pleased to announce the award of the shaft services contract for the Impala 16 ventilation shaft, scheduled to be completed in June 2013, which has a total value of £12.5 million (R148 million).
Finally, the Group has also been awarded an amendment to the existing contract for additional work in the equipping of the Impala 16 main shaft for a total value of £6.7 million (R81.9 million).
The contracts are in line with management expectations for new works and contract extensions to be secured during the year.
- 11 Apr 2012 08:13
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Contract Awarded - Afplats
Shaft Sinkers Holdings plc is pleased to announce it has been awarded a new contract.
The contract is for the continuation of sinking activities on the Afplats Leeuwkop project main shaft to a depth of 325.8m. The contract commences immediately and is scheduled to be completed in September 2012 with a total value of £11.05 million (R134.7 million).
The contract is in line with management expectations for new works and contract extensions to be secured during the year.
Speaking today, Alon Davidov, Chief Executive, said:
"The award of this contract is testimony to our quality of execution and client commitment. The project has progressed well and we look forward to working with Afplats to deliver on this, as well as future expansions of their projects."
- 13 Apr 2012 08:36
- 52 of 113
B 84p - O 87p. Doing very nicely on the back of a number of contract gains. Somewhere around 100p looks likely in the short term, imo.
- 20 Apr 2012 07:59
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Shaft Sinkers group remains financially sound and despite the economic slow-down has seen an ever-increasing number of tender enquiries which should add to the order book in the year ahead.
Revenues grew by 23.7% in 2011, to GBP226.5 million (2010: GBP183.1 million). The increase is mainly attributable to higher revenues at Lonmin's Saffy and Hossy shafts where Shaft has additional capital development contracts.
Gross profit increased by 31.2% to GBP38.3 million (2010: GBP29.2 million). However profits for the year decreased by 31.0% in GBP terms after taking account of the exceptional items in 2010 and 2011.
The Group's cash position remains strong after having utilised part of the funds raised at the IPO on winder refurbishment and part to expand working capital.
The company paid a maiden interim dividend of 2.4p per share in October 2011 and the Board is recommending a final dividend of 4.8p per share payable in June 2012.
· Revenue up by 24% to GBP226.5 million (2010: GBP183.1 million)
· Gross profit margins up by 31% to GBP38.3 million (2010: GBP29.2 million)
· Adjusted profit before tax up 29% to GBP16.6 million (2010: GBP12.9 million)
· Adjusted EPS up 28% to 23.4p (2010: 18.3p)
· Earnings per share 18.3p (2010: 29.8p) after exceptional items
· Maiden interim dividend paid 2.4p
· Final dividend recommended 4.8p
· Net cash and cash equivalents of GBP6.1 million (2010: GBP11.1 million)
· Year end committed order book GBP301.1 million (GBP206.9 million excluding EuroChem contract)
· Strong tender pipeline
· Safety statistics improved
- 25 Apr 2012 17:48
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Roger Williams, Non Executive Director, bought 50,000 shares in the company on the 24th April 2012 at a price of 82.00p. The Director now holds 50,000 shares.
- 27 Apr 2012 10:36
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Nicely through the 200 DMA. Hoping for a pause for breath to establish a nice base for future support.
- 08 May 2012 08:16
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Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce it has been awarded a new major contract in the Bhilwara district of India.
The contract, awarded by Hindustan Zinc Limited, a Vedanta Group company, includes the sinking of the main shaft as well as the north and south ventilation shafts at the Rampura Agucha mine, located in the Bhilwara district which is in the state of Rajasthan in western India.
The US Dollar based contract, which commences immediately, is scheduled to be completed in 2017. The contract is in line with management expectations for new works to be secured during the year.
After taking into consideration the total revenue from this contract award the Company's order book now stands at £401 million.
- 01 Jun 2012 07:33
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RNS Number : 5903E
Shaft Sinkers Holdings Plc
01 June 2012
1 June 2012
Shaft Sinkers Holdings plc ("Shaft Sinkers" or the "Group")
AGM and Interim Management Statement
Ahead of the Annual General Meeting being held later today, Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to issue the following AGM and Interim Management Statement covering the period from 1 January 2012 to the current date.
Results from trading for the 2012 financial year are forecast to be in line with expectations and the Board remains confident of the Group's prospects. Below is an overview of the performance of the Group's principal projects.
South African Operations
Revenue and margins at the Lonmin Saffy and Hossy projects have benefitted from continuing work on the shafts which are expected to be completed at the end of this half year, while extensions to the scope of work for capital development at these shafts has benefited results.
Revenue at the Lonmin Karee 3 shaft and ore development has been slightly below management's expectations due to lower development rates, resulting in lower margins.
At AngloGold Ashanti's Moab shaft revenues and margins are slightly ahead of expectations.
At the Impala 16 shaft revenues and margins are slightly ahead of expectations and margins have benefited from additional scope of work for capital development. While revenues at the Impala 17 shaft have met expectations, direct operating costs have been higher than we anticipated, resulting in margins below expectations.
Efforts to improve sinking rates at Royal Bafokeng and Anglo Platinum's Styldrift No. 1 shaft have started to show results although revenues and margins in H1 are expected to be behind target.
Revenue and margins at the Hernic Ferrochrome decline shafts are slightly ahead of management's expectations.
At Afplats' Leeuwkop shaft revenues and margins are behind management's expectations for H1 due to the timing of the award of the current phase of work.
The net impact of the different status of contracts in South Africa is that overall, South African operations are trading in line with expectations.
Discussions are continuing with EuroChem on the settlement of outstanding amounts.
Following the award of the Hindustan Zinc Limited contract at the Rampura Agucha Mine, we have commenced mobilisation work. Billing and advance payments are expected to take effect during July 2012, slightly ahead of schedule.
Safety remains of paramount importance and the Group continues to ensure it is implementing best practice in this area. The group has recently achieved 2 million fatality free shifts in South Africa, an important achievement in the South African mining industry.
The Group's financial position remains strong and we expect to have a net debt position of £4 million at 30 June 2012, before the receipt of advance payments on our Hindustan Zinc contract. These will only be received in July 2012 following official registration of the project with the Indian authorities.
Appointment of Chief Operating Officer
We are pleased to announce that Louis Germishuys has been appointed as Chief Operating Officer with immediate effect. He brings over 24 years of international mining, sinking and contracting experience including a previous period of employment as Head of Operations at Shaft Sinkers.
The Group continues to pursue new projects and is awaiting client adjudication on several tenders and proposals in South Africa, The DRC, Russia, and Kazakhstan.
Results from trading for the 2012 financial year are forecast to be in line with expectations and the Board remains confident of the Group's prospects.
Alon Davidov, CEO, commented: "We are working very hard to secure substantial new contracts to build long term strength in the order book and we are confident that this high quality order book will lead to sustainable revenue streams and on-going returns to shareholders.
"On a separate note, we are delighted to welcome back Louis to Shaft Sinkers as COO. His extensive experience will complement and enhance the existing management team and we look forward to working with him again."
Shaft Sinkers Holdings plc + 44 787 595 1362
Alon Davidov, Chief Executive Officer
Chris Hall, Chief Financial Officer
M:Communications + 44 (0) 20 7920 2330
Notes to editors
Shaft Sinkers Holdings specialises in the sinking of particularly deep and large diameter 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 is on record for sinking one of the deepest shafts in South Africa used for conveying men and material to a depth of 3 131 meters below surface.
Major current projects and customers include the Shaft 16 and 17 complexes for Impala Platinum, Leeuwkop for Afplats, the Styldrift project for Anglo Platinum and Royal Bafokeng Resources, the Lonmin projects include Karee 3, Hossy and Saffy, the Hernic Ferrochrome project, the Moab project for AngloGold Ashanti and Rampura Agucha for Hindustan Zinc Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
- 01 Jun 2012 17:23
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DJ INTERVIEW: Shaft Sinkers Focuses On Orders; Mulls Acquisitions, JVs
By Iain Packham
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Shaft Sinkers Holdings PLC (SHFT.LN), a mining services provider, is primarily focused on winning new contracts and building its order book, but is also looking to make acquisitions or form joint ventures to ease its way into new markets outside of its core regions of South Africa and Russia, its chief executive said Friday.
"Absolutely the focus this year has been to get the order book nice and comfortable. It's already a lot more comfortable than it was two months ago, it's almost double, and we need another project to give us that three-to-four-year comfort zone," CEO Alon Davidov said.
"In parallel, we're looking at doing some localized acquisitions or joint ventures to try and make our landing in some of the [new] territories a little bit easier," he added.
Davidov said the company has earmarked one or two acquisition opportunities, but will first focus on "bedding down" its new tender opportunities.
The company is awaiting decisions on several tenders and proposals in South Africa, Congo, Russia and Kazakhstan.
Shaft Sinkers has also had interest in its services further afield, Davidov said, citing South America, specifically Peru, and the South Pacific.
"As far as new tenders, zinc, iron ore, gold and copper that's where we're seeing a lot of activity," Davidov said. "We're very positive about a major new contract coming through in the next few months."
In April, the company's order book stood at GBP301 million, with tenders out for GBP1 billion of work, but it was boosted significantly in May by a GBP401 million contract from Hindustan Zinc Ltd. (500188.BY) in India.
"We believe that that [the Indian contract] is going to be a launching pad for us into some other major projects in that region with some significant players, who are already in talks with us, but still a little bit in the early stage," Davidov said.
As well as the new contracts, the type of work being tendered is shifting more toward production replacement from mine start-ups, he said.
"The majority of the projects that we're looking at, at the moment, are mainly replacement infrastructure, in other words, we're seeing companies with open pit mines that are reaching the end of their useful lives and have to go underground in order to maintain production, not to expand production, just to maintain production," Davidov said.
"Sinking a shaft takes four to five years, so you have to take that outlook in order to ensure that you are going to be able to produce in four, five or six years," he said.
At 1220 GMT, shares were up 1.5 pence, or 2.0%, at 75.0 pence.
By Iain Packham, Dow Jones Newswires
- 11 Jun 2012 12:49
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Work has been suspended by Shaft Sinkers Holdings, the international shaft sinking and underground construction group, at all three of its Impala 17 shafters after a fatal accident at the mine.
It happened last Thursday when Mr Salomão Chunguane died after an accident involving a fall of ground.
He had worked for the company for 20 years.
A full investigation is underway involving, among others, organised labour, the appropriate authorities and management. The findings will be presented to the Department of Mineral Resources.
- 15 Jun 2012 15:18
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Shaft Sinkers Holdings plc (LSE:SHFT) today announces that the initial phase of the investigation into the accident announced on June 11 2012 has been completed and operations have resumed at all three Impala 17 shafts.
- 18 Jul 2012 10:52
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SHFT presenting at the One2One Investor Forum in London on Thursday 19th July. Starting at 6pm at the Chesterfield Mayfair Hotel, W1J 5EB. Free to attend. Register on Proactive Investors site
- 23 Jul 2012 20:13
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- 16 Aug 2012 17:51
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Thought I would bring this to the fore.
Interesting move in SP with news out by month end.
They tell me the chart looks good also!