Shaft Sinkers To Cease Trading After Being Left With "No Value"

LONDON (Alliance News) - Shaft Sinkers Holdings PLC Monday said it is taking steps to "wind the company up" after it said it has no assets of value after failing to repay a GBP5 million loan.

The statement is a final blow for the company which said back in February that there was "no value" in the company as its shares were suspended due to its insecure financial position. 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.

"Hillside has as a result exercised its security over the shares of Shaft Sinkers Management Co Ltd and Shaft Sinkers Belgium, leaving the company with no assets of any real value," said the company in a statement.

"In the circumstances, the board will take steps to wind the company up as soon as practicable. Further announcements will be made in due course," it added.

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

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