Delay in Annual Financial Report
31 May 2022
Shefa Gems Ltd.
("Shefa Gems" or the "Company")
Delay in the publication of Audited Financial Statements for the year ended on 31 December 2021
Shefa Gems Ltd (LSE: SEFA) hereby gives notice that in accordance with the guidance issued by the Financial Conduct Authority and Financial Reporting Council, it will publish its final results and annual report, and accounts for the year ended 31 December 2021, by 30 June 2022.
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Shefa Gems Ltd
Alon Shani - Chairman
+972 52 586 8616
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.