Shaft Sinkers Shares Suspended After Declaring "No Value" In Company

LONDON (Alliance News) - Shaft Sinkers Holdings PLC Tuesday said it has come to the conclusion that there is "no value remaining" in the company and its shares have been suspended with immediate effect.

Last Friday, Shaft Sinkers said it was in "urgent talks" with finance providers in order to secure necessary funding, but warned that the options available to the company meant it was "unlikely to result in the continuation of the listed legal entity."

Shaft Sinkers said it was trying to secure funding so the company could provide funds to its operating subsidiaries in order to protect its current operating contracts, with its employees, clients and creditors in mind, said the company Friday.

Shaft Sinkers is a tunnelling work, large underground excavations and shaft sinking company.

On Tuesday, the company said "it has come to the conclusion that there is no value remaining that is attributable to the equity in the company," and said its shares have been suspended from trading with immediate effect as requested by Shaft Sinkers.

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

Copyright 2015 Alliance News Limited. All Rights Reserved.