Shefa Gems Ltd - Israel-based formerly gemstone mining company, now cash shell - Says fully owned subsidiary Shefa in Israel Ltd has received approval from the Israeli court for the distribution of its non-profit dividends to be considered as a non-taxable capital return. Adds that the ruling is subject to dividend in specie being distributed within six months.

In August of last year, shareholders approved the former gemstone miner becoming a cash shell ‘seeking acquisition opportunities in the web technology and software space’, Shefa Gems explained. ‘It was decided to transfer all the company’s exploration and mining assets to the company’s fully owned subsidiary, Shefa in Israel Ltd,’ it explained.

Current stock price: 0.20 pence

12-month change: down 77%

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