Shefa Gems Ltd Delay in Half-year Report (1881B)

TIDMSEFA

RNS Number : 1881B

Shefa Gems Ltd

29 September 2022

29 September 2022

Shefa Gems Ltd.

("Shefa Gems" or the "Company")

Delay in the publication of Financial Report for the half-year ended 30 June 2022

Due to unforeseen changes in its legal and accounting teams, Shefa Gems Ltd (LSE: SEFA) hereby gives notice that it will not be able to publish its half-yearly financial report by 30 September, in accordance with DTR 4.2. The Company anticipates that it will publish its report no later than 31 October 2022.

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Enquiries

 
 Shefa Gems Ltd 
 Alon Shani - Chairman    [phone] 
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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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September 29, 2022 06:32 ET (10:32 GMT)