REG - Shefa Gems Ltd - Result of AGM

Shefa GemsAnnouncement

12/05/2022 18:30

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RNS Number : 3603L  Shefa Gems Ltd  12 May 2022

 12 May 2022

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

 

Result of Annual and Extraordinary General Meeting

 

Further to the announcement on 7 April 2022 and the Circular sent to
shareholders on that date (the "Circular"), Shefa Gems (LSE: SEFA), is pleased
to announce that at the Annual and Extraordinary General Meeting ("AGM") of
the Company, held earlier today, all resolutions were duly passed.

 

Company's Auditors

 

Barzily & Co have been re-appointed as the Company's auditors, and the
directors of the Company have been authorised to determine their remuneration.

 

Board of Directors

 

Mr. Alon Shani, Mr. Jacques Abitbol, and Ms. Eva Abittan have been re-elected
to hold office until the conclusion of the next AGM.  The management of the
Company is authorised to determine their remuneration in accordance with the
provisions of the Israeli Companies Law 5759-1999 (the "Companies Law") and
the articles of association of the Company, as amended from time to time (the
"Articles").

 

Ms. Irit Ben Ami and Mr. Avi Levin have been approved as independent external
directors starting retroactively, as of their appointment date 23 August 2021,
and for a period of three (3) years (the "Appointed External Directors") with
compensation terms as stated in the Circular.

 

Mr. Yossef Taub has stepped down from the Board.

 

Insurance policy

 

The Insurance Policy of the Company has been approved on the terms stated in
the circular and is effective retroactively, from 9 August 2021 until 9 August
2022.

 

Appointment of CEO

 

Mr. Alon Shani, the Chairman of the Board, is appointed as the CEO of the
Company as of today.  It shall be clarified that Ms. Tali Shalem is no longer
serving as the Company's CEO.

 

 

- Ends -

 

Enquiries

 

 Shefa Gems Ltd
 Alon Shany - 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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