11th Apr 2019 12:00
LONDON (Alliance News) - Precious stone miner Shefa Yamim ATM Ltd is to change its name, it said Thursday, and has also split its chief executive and chair roles.
Shefa Yamim will rename itself Shefa Gems Ltd, "a reflection of the company's mine-to-market strategy". A meeting of shareholders will be held of May 23 to vote on the change.
Having separated the roles of chair and CEO, Non-Executive Director Michael Rosenberg has been appointed chair from the start of May. Current CEO Avi Taub will stay in the role.
Shefa Yamim is also to conduct a 10 for 1 share split due to low liquidity, meaning it will have 142.4 million shares in issue rather than 14.2 million.
Shares were untraded on Thursday, last quoted at 52.50 pence apiece.
Taub said: "The past 15 months has seen excellent progress made by Shefa Yamim which has seen the company reach several key milestones including advancing exploration in our primary target, the Kishon Mid-Reach.
"2019 is set to be a transformational year and in this regard, we are delighted our UK-based Non-Executive Director Michael Rosenberg has agreed to be the chair of the company. His experience of the London markets will be invaluable as we navigate through this period of major change."
"We are focused on taking the company forward towards trial mining in the Kishon Mid-Reach Zone 1 area as well as developing our 'Mine to Market' strategy," Taub continued.
"The name change is a vital part of this strategy which will enable us to build a global brand and forge a distinctive identity for the company and its unique gemstones."
Related Shares:
Shefa Gems