Shefa Gems Ltd Temporary Suspension pending Half-Year Report (4346B)

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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.

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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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October 03, 2022 02:30 ET (06:30 GMT)