REG - Shefa Gems Ltd - Delay in Annual Financial Report

Shefa GemsAnnouncement

31/05/2022 16:00

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RNS Number : 4485N  Shefa Gems Ltd  31 May 2022

31 May 2022

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

Delay in the publication of Audited Financial Statements for the year ended on
31 December 2021

 

Shefa Gems Ltd (LSE: SEFA) hereby gives notice that in accordance with the
guidance issued by the Financial Conduct Authority and Financial Reporting
Council, it will publish its final results and annual report, and accounts for
the year ended 31 December 2021, by 30 June 2022.

 

- Ends -

Enquiries

 

 Shefa Gems Ltd
 Alon Shani - Chairman    +972 52 586 8616

 

Notes to Editors

About Shefa Gems Ltd

 

Shefa Gems Ltd (LSE: SEFA) was previously engaged in the exploration and
mining of gemstones in Northern Israel, operating multiple exploration sites
located across the Kishon River catchment area of Haifa and Mt Carmel.
Following a strategic review, it was determined that the Company could no
longer justify the costs of being a listed company, and that any future funds
raised on the basis of exploration activity should be entirely dedicated to
the development of mining activity.  On 1 June 2021, the Company announced an
agreement with the "Shany Group," a consortium of investors led by Mr. Alon
Shany and Ms. Eva Abittan, wherein the Shany Group and other unrelated parties
would pay an amount of approximately GBP 756,000 in return for a subscription
to approximately 85% of the Company's issued share capital.  Additionally,
the Company would transfer all of its exploration and mining assets to its
formerly wholly-owned subsidiary, Shefa in Israel (G.M.) Ltd (the
"Subsidiary", a private company registered in Israel), and distribute
ownership of the Subsidiary to all of the Company's existing Shareholders via
a dividend in specie.  The transaction was approved by the Company's
shareholders on 9 August 2021.  The dividend in specie has yet to be
completed and the shares of the Subsidiary are held by a trustee.

 

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