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RNS Number : 0730X Shefa Gems Ltd 24 August 2022
24 August 2022
Shefa Gems Ltd.
("Shefa Gems" or the "Company")
Update re Dividend in specie
Following the report published on 22 July 2022, regarding the request filed by
the Company's fully owned (100%) subsidiary, Shefa in Israel (G.M.) Ltd. (the
"Subsidiary"), seeking the approval of the Israeli court for the distribution
of non-profit dividends according to section 303 of the Israeli Companies Law
and the consent of the Israeli tax authorities to consider the dividend as a
non-taxable capital return., the Company wishes to update that on 22 August
2022, the court approved the distribution of the dividend in specie, subject
to it taking place within six (6) months.
Shareholders who are eligible to receive the dividend in specie are asked to
send an email with their information to the Subsidiary at info@shefagems.com
(mailto:info@shefagems.com) . The Company has been informed by the
Subsidiary that Shareholders who are eligible to receive the dividend in
specie and who have not contacted the Subsidiary within six (6) months of the
court's approval will lose their right to receive the dividend in specie.
- 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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