Last checked at 30 Apr 2019 15:47
B"H
30 April 2019
Shefa Yamim (A.T.M.) Ltd
("Shefa Yamim" or the "Company")
Annual Financial Report - DTR 6.3.5 Disclosure
Following the release on 14 March 2019 of the Company's Final Results Announcement for the financial year ended 31 December 2018, Shefa Yamim announces that the 2018 Annual Report and Accounts have been published today. These documents have been made publicly available on the Shefa Yamim website (www.shefayamim). The annual report can be found in the Investor section under Articles and Documents. The direct link is http://www.shefayamim.com/Articles-and-Documents
A copy of the 2018 Annual Report and Accounts will shortly be available for inspection at the UK Listing Authority's National Storage Mechanism website: http://www.morningstar.co.uk/uk/NSM.
The primary purpose of this announcement is to inform the market about the publication of the Company's Annual Report and Accounts for the year ended 31 December 2018 (the "2018 Annual Report and Accounts").
The information below, which is extracted from the 2018 Annual Report and Accounts, is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on issuers as to how to make public annual financial reports. It should be read in conjunction with the Company's Final Results Announcement. Together these constitute the material required by DTR 6.3.4 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2018 Annual Report and Accounts. References to page numbers and notes to the accounts set out in the Appendices below refer to page numbers and notes to the accounts in the Company's 2018 Annual Report and Accounts.
The Final Results Announcement includes an indication of the important events that occurred during the year and a condensed set of the financial statements.
The Company's auditor has reported on the accounts and its reports are unqualified. The Independent Auditor's Report on the Company's financial statements is set out in full on page 28 of the 2018 Annual Report and Accounts.
APPENDIX A - DIRECTORS' RESPONSIBILITY STATEMENT
The 2018 Annual Report and Accounts contain a responsibility statement in compliance with paragraph 4.1.12 of the DTR. The directors' responsibility statement is set out on pages 14-15 of the 2018 Annual Report and Accounts for the Company.
APPENDIX B - PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are set out on page 11 of the 2018 Annual Report and Accounts. The full and unedited text relating to these disclosures are set out below:
The Company is currently at an early stage of mining at the Kishon Mid Reach Project. The Company currently has no cash producing properties and therefore no positive cash flow. The Company will continue to have negative operating cash flow until commercial production is reached.
The ability of the Company to continue its activities as a going concern depends to a greater extent on its ability to continue to raise capital and/or loans. As there has been no previous attempt to mine for precious stones in Israel, there is a risk as with all exploration companies that the Company would require additional funding to complete the exploration plans.
- Ends -
Enquiries
Shefa Yamim (A.T. M.) Ltd |
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Avi Taub, Chief Executive Officer www.shefayamim.com | +44 20 7618 9100 |
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VSA Capital Limited - Financial Adviser and Broker |
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Andrew Raca | +44 20 3005 5000 |
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SI Capital Limited - Broker |
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Greg Mahoney, Nick Emerson and Jon Levinson | +44 20 3871 4038 / +44 1483 413500 |
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Luther Pendragon |
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Harry Chathli, Alexis Gore, Rachel So | +44 20 7618 9100 |
Notes to Editors
About Shefa Yamim (A.T.M.)
Shefa Yamim (LSE: SEFA) is a multi-commodity explorer of precious stones operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts with decades of proven experience in their fields.
All exploration activities are conducted under international standards and the internationally recognised SAMREC 2016 Code. Furthermore, its permits, granted to it by the Commissioner of Mines, extend over an area of approximately 600,000 Dunam (60,000 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth range. The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities.
Shefa Yamim is currently focused on developing a "Mine to Market" strategy, which includes exploration, mining, designing and selling its jewellery pieces containing gemstones from the Holy Land. As part of this strategy, the Company is collaborating with award-winning jewellery designer, Yossi Harari, who has created a unique 24k gold, "Heaven on Earth" jewellery collection with Shefa Yamim's rare gemstones. www.shefayamim.com