Hi my friend, I see you hold your position and even trying to add.You certainly thinking on the right lines in your posts.I can not add into my ISA for this year but the dividend will buy me more within it next week.I wish they bought these shares now at these prices.Should I do well with sar, I shall reinvest half of the profits here.Stach.
I'm in the process of shifting 10k into my account and looking for loose change to top up! Once SHFT release a detailed RNS of how they will tackle this situation the SP will shoot back to were it was in the 60's
Underground construction group Shaft Sinkers sank to a new low after being hit by a double-whammy.
First, the company revealed work at the Moab project in South Africa has been interrupted pending resolution of the unprotected strike, although it added that its work under this contract is substantially complete and the revenues outstanding do not represent a material proportion of the company's 2012 order book. Nevertheless, management is conscious that the general operating environment in South Africa continues to be difficult and will continue to monitor the impact of this on its wider business.
Of more serious concern was the filing of a claim against the company by EuroChem in relation to the project the two companies were working on, which was terminated with effect from April 20th 2012.
Shaft Sinkers said it has not yet received notification of the arbitration claims but believes that any such claims are without merit and will contest them robustly. Shaft Sinkers is finalising its claims against EuroChem arising out of the termination of the contract and will pursue these claims against EuroChem
The international shaft sinking and underground construction group has confirmed that with AngloGold Ashanti's mines in South Africa currently not operating the Moab project where Shaft Sinkers is contracted to provide services is also on hold. The Group reassured that work under this contract is substantially complete and the revenues outstanding do not represent a material proportion of the Company's 2012 order book. However, management is conscious that the general operating environment in South Africa continues to be difficult and will continue to monitor the impact of this on its wider business. The house broker commented that as of June 2012 the future revenue value of the Moab project were £12.6m, with a contractual end date in 2013, this compares with a group order book of £347.9m. However, given the environment in South Africa there is surely no certainty on the delivery of that order book.
I think it will be a warning to other Companies contemplating investing/doing work in Russia.Even the Eurochem are prefering western Courts whilst the dispute took place on the russian soil.The amount of $800m requested is loughable,SHFT whole set up probably is worth less than that.I think it is a smoke screen by EuroChem in order to avoid paying its dues to SHFT.This may cost them a lot eventually if SHFT has its papers in order right from conditions of Agreement from starting the work on that shaft in Russia.From the response on SHFT's behalf it seems that they have robust data to refute EuroChem's claim.I'd rather belive SHFT than EuroChem.There will be a lot of investors who have made a wise decision of buying here on this exaggerated fall in share price today.I wish Halifax bought my shares late today with my divi,but I know it did not.GLA and dont' panic.Stach.
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