Shefa Gems Ltd Update re Dividend in specie (3694T)
22 Juillet 2022 - 8:00AM
UK Regulatory
TIDMSEFA
RNS Number : 3694T
Shefa Gems Ltd
21 July 2022
21 July 2022
Shefa Gems Ltd.
("Shefa Gems" or the "Company")
Update re Dividend in specie
Following the resolution of the general meeting on 9 August
2021, all the Company's exploration and mining assets have been
transferred to the Company's fully owned (100%) subsidiary Shefa in
Israel (G.M.) Ltd. (the "Subsidiary"), an Israeli private company,
with the intention that the Company will distribute ownership of
the Subsidiary from the Company to all of the Company's existing
shareholders via a dividend in specie (the "Subsidiary
Shares").
Each shareholder holding Ordinary Shares in the Company on the
Record Date will receive their proportionate consideration in the
Subsidiary Shares in accordance with their current percentage
holding in the Company. Whilst the shares in the Subsidiary will be
unlisted, the Company will make reasonable endeavors to enable
shareholders wishing to dispose of their holdings to find suitable
purchasers.
The Subsidiary shares will be formally registered in the name of
each shareholder and will be subject to 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 Subsidiary has filed a request
with the Israeli court and the court's resolution, dated 7 July
2022, stated that the Tax Authority, the Companies Registrar, the
Supervisor of Insolvency Proceedings, and the Israel Securities
Authority will respond to the request within 20 days from the day
the request and resolution were submitted. The court also stated
that the Subsidiary will update the court in 40 days.
The Company will continue to update its shareholders regarding
any new substantial development in the matter described above.
- 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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