REG - Shefa Gems Ltd - Temporary Suspension pending Half-Year Report

Shefa GemsAnnouncement

03/10/2022 07:30

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RNS Number : 4346B  Shefa Gems Ltd  03 October 2022

3 October 2022

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

Suspension of Listing at Company Request pending publication of Half-Year
Report

 

Due to the announced delay in publishing its half-yearly financial report for
1H2022 and in keeping with the Listing Rules, the Company has requested that
the listing of its shares (LSE: SEFA) be suspended.  The FCA have approved
the request and accordingly the listing has been suspended, effective 07:30
this morning.  The Company recognizes this is a temporary measure and it is
expected that the listing will be restored upon publication of the half-year
report, no later than 31 October.

 

- 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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