Further re Dividend in specie

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 [e-mail] .  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.

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Enquiries

Shefa Gems Ltd
Alon Shani - Chairman	[phone]

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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