Shefa Gems Ltd Further re Dividend in specie (0730X)
24 August 2022 - 7:20PM
UK Regulatory
TIDMSEFA
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 . 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
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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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END
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