Shaft Sinkers Continues To Wind Up Company, To Appoint Liquidators

LONDON (Alliance News) - Shaft Sinkers PLC Tuesday said it has "no option" but to continue with the winding-up of the company and said it has called meetings with creditors in June.

Shaft Sinkers said it has proposed appointing Stephen Cork and Joanne Milner of Cork Gully LLP as joint liquidators of the company and said shares will remain suspended until they de-list in "due course".

At the end of March, the company said it was taking steps to wind up the company after it said it had no assets of value after failing to repay a GBP5 million loan. Shaft Sinkers had been holding talks with finance providers in order to secure necessary funding, but failed in its attempts.

On March 20, Shaft Sinkers received notice from Hillside International Holdings Ltd calling for it to immediately repay its GBP5 million loan and on Monday, the company said it has been "unable to repay" the lender.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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